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Australia's place in the global economy
Member rating: No Rating | Words: | Submitted: Mon Oct 25 2004
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Australia's place in the global economy Australia's economy ranks 15th amongst the advanced economies making it larger then 200 economies in the world. But compared to the big economies, like the US and Japan, Australia is relatively small. Trends in Australia's trade flows Trade has always represented a large proportion of Australia's economic activity even though it is geographically isolated and only has a small population. * In the 1950's Australia's main trading partner was the United Kingdom, but due to the establishment of the EU, Australia has gone away from the UK and nowadays our major trading partner is Japan. The Asia-Pacific region is by far the most important trading partner that Australia has. * Australia has traditionally had a comparative advantage in the production and exporting in the primary industry, unlike other high-income countries, Australia is less competitive in the production of manufacturing. Trends in Australia's financial flows The rate of growth in financial flow...
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