Australians are the richest people in the world?

If going back during various economic crises that affect Australia for example During the Tom Yum Kung Crisis Australia’s main trading partners are Thailand, South Korea and Indonesia.

As a result, the Australian currency has weakened accordingly. But instead, the government will raise interest rates to increase investor confidence.

The government sees that This is an opportunity to hit the market for export products to Europe and the United States.

With more exports, Australia finally survived the crisis.

While neighboring New Zealand has not handled such events well enough. causing the country’s economic crisis in 1998

Many people may question that. If the next economic crisis What will Australia do? Would relying solely on mineral exports be enough?

Let’s take a look at some of the emerging industries that have stood out over the years.

Beyond Mines First of all, the business is growing rapidly. And has received a lot of attention that is. Technology business itself.

While it may not have big tech giants like Apple or Google, Australia is growing in technology.

In 2017, more than 70.3% of total GDP came from the service sector.

It is therefore not surprising that Australia has become a hotbed for developing new technologies. to facilitate these services Whether in finance, agriculture, medicine and education.

According to the 2019 survey report, more than 700 Fintech-related companies have launched, and 7 of them are among the world’s top 100. and there are also other technology companies Hundreds of other companies have launched in the past year.

Australia is also increasingly relying on alternative energy sources, such as building the world’s largest solar farm. It was developed by a well-known company like Tesla and was launched this year.

And the last thing that should not be mentioned at all is education, which at present Australia has become one of the countries that people are most interested in studying. And is also the country with the top 100 universities in the world, the third highest as well.

It can be seen that today, although Australia is a country that does not have a long history. The economic numbers may not be as high as those of other superpowers. But it is always evolving. Until being able to grow continuously for more than 28 years. This shows that The country will walk Sometimes it takes a good government policy to help guide everyone in the country.

Know the strengths, weaknesses, points that need to be added to diversify risks.

If the state can The country would not have to face economic crises all around. like other countries

However, this year has been a challenging year for Australia. In 2018, the economy grew just 1.8% and in the first three months of 2019 it grew just 0.4%, the slowest growth since 2009 from an annual average of 3.2%.

One reason is the contraction of the global economy. and the trade war between China and the United States.

This article is a part of the class

“751309 Macro Economic 2”

supervised by Asst. Prof. Napon Hongsakulvasu

Faculty of Economics, Chiang Mai University

This article was written by

Nantakorn Likhasiri 631615027