Friday, August 17, 2012

Australian Tiger?

Australia is so far away, its business hour window with the United States is only a couple of hours wide. Yet, the country often portrayed as backward (see Crocodile Dundee if you must) has been on a roll, starting with the 2000 Sydney Olympics, and after experiencing a slight dip in the mid-2000s, is once again resurgent.

Australia's banks, rising out of a country of 20-odd million people, have a market value more than all those in the Eurozone. Australia has just a smidge more people than Romania, to put things in perspective. Australia's economy, led by resource exports, has grown steadily, leading to worries of a resource curse taking hold in this developed economy. So far, Australia is weathering all storms. Is Australia the next tiger?

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