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Australia as global economic model

Australia as global economic model article image
Australia should be held as a model for developing countries struggling to recover from the global economic downturn, according to World Bank managing director Juan Jose Daboub. In two decades, Australia has undergone economic reform - macroeconomic stability, flexible labour markets and fostering an open economy - which has contributed to its success in avoiding the recessionary pressures wrought by the rest of the world. "The many reforms that you have taken on in the last 20 years have paid off," he said. "I look at Australia as a model that others can follow." The World Bank has predicted that developing countries will grow by 2.5 percent next year, except for the high-growth nations of China and India. The forecast improves on this year's performance of a 2.2 percent predicted decline. Developed nations, including Australia, will experience growth of 1.3 percent in 2010 after falling 4.2 percent this year, according to the World Bank.

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