Trade and Economic Performance
In the second half of the twentieth century, Australian trade shifted away from Europe and North America to Japan and other East Asian markets. Regional franchising businesses, now a $128 billion sector, have been operating co-branded sites overseas for years with new investors coming from Western Australia and Queensland.
In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years. According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands. The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Read more about this topic: Economy Of Australia
Famous quotes containing the words trade and, trade, economic and/or performance:
“My trade and my art is living. He who forbids me to speak about it according to my sense, experience, and practice, let him order the architect to speak of buildings not according to himself but according to his neighbor; according to another man’s knowledge, not according to his own.”
—Michel de Montaigne (1533–1592)
“Is there something in trade that dessicates and flattens out, that turns men into dried leaves at the age of forty? Certainly there is. It is not due to trade but to intensity of self- seeking, combined with narrowness of occupation.... Business has destroyed the very knowledge in us of all other natural forces except business.”
—John Jay Chapman (1862–1933)
“But I would emphasize again that social and economic solutions, as such, will not avail to satisfy the aspirations of the people unless they conform with the traditions of our race, deeply grooved in their sentiments through a century and a half of struggle for ideals of life that are rooted in religion and fed from purely spiritual springs.”
—Herbert Hoover (1874–1964)
“Still be kind,
And eke out our performance with your mind.”
—William Shakespeare (1564–1616)