Mosolova Olga

Tends of Australian Socio-Economic Development in Postcovid Period (2021-2022)

ЮГО-ВОСТОЧНАЯ АЗИЯ: АКТУАЛЬНЫЕ ПРОБЛЕМЫ РАЗВИТИЯ, 2023, №3(59), 192-201

 
Annotation: In 2021-2022 years socio-economic system of Australia began to recovery after the pandemic. The overall growth rates increased to a great extent in comparison with the low growth rates in 2019 and 2020 years. Manufacturing growth rates increased also. In a whole, annual growth rates of GDP in 2021 year attained 5,9%. According to IMF, in 2021 year Australia’s economy growth rates were higher than in other developed countries and the country became the 12-th largest world economy. In the course of a 2022 year Australia continued to overtake the other developed countries with the annual growth rates of 2.7% in comparison with 2.4% annual growth rates in other developed countries. Australia has a good prospects. According to IMF report, rapid recovering of the economy after the pandemic and favourable trade conditions allowed the country to hold good economic position. Owing to strong economy, talented labour force, unrestricted trade and investments as well innovation’s development, Australia has good opportunities for socio-economic development. Australia has the highest average level of prosperity in a world and high quality of living. As to predictions of future socio-economic development of Australia, experts forecasts the deceleration of economic growth rates in 2023. The main domestic problem of the country is a high inflation, rise in the cost of living and reduction in real well-being of the people.

Keywords: Australia, socio-economic development, economic growth rates, government policy