World Economic Forum turns its forensic gaze on competition

An economy that has kept growing for 21 years and managed to boost income and generally improve the well-being of its people at the same time, must have something going for it.

Indeed, according to IMF data, Australia (nominal GDP: just over $US1.488 trillion) is within $US5 billion or so of overtaking Spain ($US1.493 trillion) as the world’s 12th largest economy, despite Spain having more than twice our population. Spain’s economy is contracting and could fall by upwards of 2% this year, while Australia’s grew by 3.7% in the year to June. Growth here could dip to 3% or a bit below if the global economy continues to sag, but even that would see our economy grow to about $US1.530 trillion this year.