32514
Another Wipeout for Australia
World Economy

Another Wipeout for Australia

From world’s best economy in 2013, Australia fell to third last year in the Independent Australia Ranking on Economic Management global rankings. And now down to ninth. The surf’s definitely up. But Australia just can’t catch a wave, Yahoo reported.
In 2014, Australia fell from world’s best-performed economy on the IAREM ranking to third, behind Singapore and the UAE. Australia had held top spot from 2009 to 2013, after managing the global financial crisis better than most.
In 2015, the wipeout dumped Australia in ninth place, overtaken by Norway, Switzerland, Luxembourg, Oman, Taiwan and–embarrassingly–New Zealand. Coincidentally, ninth was Australia’s ranking in 2007, when Labor took the longboard from John Howard’s conservatives.
Australia’s IAREM score fell this year from 29.25 to 26.73. There was a marginal lift in income but declines in gross domestic product growth and median wealth and a rise in government debt.
Singapore lost top spot to the United Arab Emirates. This was more attributable to UAE’s surging income, rising wealth and strong cash reserves than any notable Singaporean problem. Singapore’s score declined only slightly on higher debt and lower wealth.

 Winners in 2015
Most countries achieved higher IAREM scores in 2015, confirming that recovery from the GFC is continuing worldwide. Of last year’s top 30 economies, 17 had significantly higher scores this year. Seven were lower and six about the same.
Norway advanced from ranking eighth last year to an impressive third with higher income and median wealth and much more money in the coffers—or negative debt.
Clearly, the most spectacular move was New Zealand’s advance from 13th to fifth on the strength of greater median wealth, lower inflation and lower debt. Malcolm Turnbull’s plaudits for his Kiwi counterpart are well-founded.
South American economies enjoying la fiesta economica include Paraguay, Peru, Guatemala, and Bolivia. Chile, Argentina and Colombia suffered, however. So there is no obvious regional boom.

 The top ten IAREM outcomes for 2015

 

Short URL : http://goo.gl/ADuJGE
  1. http://goo.gl/tgzvwI
  • http://goo.gl/8m1hmV
  • http://goo.gl/SRnymq
  • http://goo.gl/xzyir4
  • http://goo.gl/DSTZ5y

You can also read ...

Deutsche Bank CEO John Cryan (L) and ECB President Mario Draghi at a conference in Frankfurt on Sept. 6.
The head of Germany’s biggest private lender wants the...
President Emmanuel Macron (C) signs a set of executive orders making sweeping changes to France’s complex labor laws on Friday.
France’s private sector expanded the most since May 2011,...
The People’s Bank of China
China’s small banks are struggling to raise funds through...
India Eases Foreign Investment Rules
The Reserve Bank of India eased rules governing foreign...
Workers unite in steely opposition to Thyssenkrupp’s deal with Tata.
Thousands of steelworkers hit the streets of Bochum in Germany...
Analysts say the outlook for Britain’s public finances had “weakened significantly” with Brexit likely to put further pressure  on the country’s economic strength.
Moody's cut Britain's long-term credit rating Friday, citing...
Portugal Budget Deficit Narrows
Portugal’s budget deficit narrowed to 1.4% of gross domestic...
Brazil Frees Up $4b in Gov’t Spending
Brazil’s government has freed up 12.8 billion reais ($4.1...

Trending

Googleplus