Australia In The Face Of the Global Financial Crisis

Australia In The Face Of the Global Financial Crisis

Australia In The Face Of the Global Financial Crisis

 

Introduction

In spite of the rampant global effects, which touched all developed nations, Australia emerged as the only country in OECD that did not experience economic declines. The aim of the paper is to outline the reasons behind Australia’s phenomenal ability to withstand the financial crisis of 2008. With this standpoint, the paper focuses on answering the question; why Australia managed to withstand the adverse economic effects of the global financial crisis. The paper will lay emphasis on the different reasons identified as influential in the country’s resilience and growth during the turbulent economic times.

In answering this question, the paper will first outline the background of the global crisis and the source of the economic ripple effect that touched all economies. The paper will discuss a brief outline of the effects on national economies experienced during the GFC; giving a picture of the similar economic situations faced by Australia and other countries. The paper will also focus on Australia’s reaction to the GFC in detail illustrating how these responses ensured the country’s economy stayed afloat. These will include the measures taken by the federal government and the respective agencies. Another essential feature regarding the subject involves reasons behind the country’s resilience. Together with the responses, these factors guaranteed Australia’s robust economy sustained operations during the period. After discussion of these factors, the paper will focus on a distinctive feature regarding its international trading operations, which also played a key role in ensuring Australia maintained a positive economic growth.

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