At his Liberal get together inauguration on Sunday, Scott Morrison mainly defined that Australia has the very best Covid restoration on this planet.
Our financial progress was greater than some other superior financial system, our AAA credit standing is undamaged, certainly one of solely 9 international locations on this planet to take action… By virtually each measure, progress, employment, debt ranges, mortality, vaccination charges, Australia’s restoration leads the developed world.
However is Australia’s document that good? And what international locations are we speaking about once we say the backlash has been worldwide?
If the “superior economies” customary is G7 international locations, then Morrison’s boast is appropriate, but when the usual is Group for Financial Cooperation and Growth, it isn’t.
In response to the Australian Bureau of Statistics, Australia’s financial system on the finish of 2021 was 3.4% bigger than it was at the beginning of the pandemic (quarter of December 2019).
In response to the OECD, the US was a detailed second (3.1%), outstripping the G7 international locations throughout this time, with France (0.9%) and Canada (0.2%) additionally optimistic.
Nonetheless, within the G20, Australia’s efficiency lags behind Turkey (14.5%), China (10.2%), India (5.4%) – though these are rising economies, Australia beats the G20 common. It dragged it greater than the results of (4.1%).
Broadcasting additional, there have been some developed international locations within the OECD that carried out even higher.
Australia’s GDP contracted by 2.2% in 2020, then grew by 4.7% in 2021. This efficiency was in Denmark (first up 2.1%, up 4.7%), Israel (up 2.1%, then 7.9%), Eire (up 5.9%, then up 13.5%) % ), New Zealand (up 5.6% after -2.1%), Norway (up 3.9% after -0.7%). Nonetheless, Australia spent the fourth quarter of 2021 higher than any of those international locations besides Israel.
In response to OECD, Australia’s unemployment charge of three,954% in March 2022, Czech Republic (2.3%), Germany (2.9%), Hungary (3.2%), Israel (3.8%) ), Japan (2.6%), greater than Korea (2.7%), Mexico and the Netherlands (3.3%), and the USA (3.6%).