Australia consists of 0.3 percent of the world’s population and although that is a very small amount, the country always finds a way to thrive through the storms. In fact, the success of the Australian economy was recognized as the 14th largest in the world and fifth largest in the Asian region in 2019 (“Why Australia,” n.d).
For 28 consecutive years economic growth in Australia has been a success, with such a great amount of success industries may feel comfortable and welcomed to do business in the region (“Why Australia,” n.d). As a whole, the country plans to have a 2.7% growth in GDP for the next five years which will gain them a tremendous amount of recognition from other economies and perhaps help them adapt to their strategies (“Why Australia,” n.d).
Some of the industries that are bringing so much wealth to Australia are education, energy and resources, agribusiness, financial services, and health care (“Dynamic Industries,” n.d). As technology continues to advance, Australia is parallel to it as they are developing new, innovative and commercialized technologies. Alongside many wonderful things Australia has to offer, agriculture is part of that list as well, as they have prosperous demands for their delicate foods, tourism, healthcare and professional services worldwide.
Looking into the production of iron ore, gold and uranium, Australia has the largest in the world and the main buyers are China and Brazil. (“Dynamic Industries,” n.d., Knight, 2020) Australia would be the perfect region to start a business in as their future seems very bright.
