Question

Describe Australia's global economic standing ?

Answer 1

Answer:

Despite Australia comprising just 0.3 per cent of the world's population, its economy is expected to be the 14th largest in the world and the fifth largest in the Asian region in 2019..........Australia's nominal GDP is estimated at US $1.5 trillion dollars.....Hope this helped..

:P

Answer 2

Answer:

Australia's economy is: the world's 14th largest. rated AAA with a stable outlook by all three global rating agencies. forecast to realise average annual real GDP growth of 2.7% over the next five years – the highest among major advanced economies.Australia's mixed market economy is a prosperous, Western market economy where the GDP is high and the rate of poverty is low. Our free market is among the first five developed countries of the world, with the four main components being Trade, Manufacturing, Services and Financing.Australia has been a leader in economic freedom ever since the inception of the Index in 1995, and its economy has been in the highest, free category for the past 14 years. GDP has recorded steady gains, although the growth rate could slow in coming years because of softer world trade growth and faltering investment.