The economic condition of Australia is exceeding expectations in all respects; the nominal GDP is 13th largest, 18th largest by PPP (Purchasing Power Parity), 20th as importer and 25th as an exporter. Ranking within Top 25 in four different aspects of economic development raises the global hold of Australia. This also indicates that trade factor a great deal into the economic contribution which makes it a key player in the global trade and hence a major shock in the stagnations of pandemic year.
For a major part of pre-World War II, the country was agriculture-based but the post-World War II Australia saw a boom in industrialization from mining, manufacturing and services besides trade. The economy is of the mixed kind, with a healthy balance of privatization and the public hold which makes it the fourth freest country in the world. Ever since the inception of the freedom index, Australia has been an exemplary leader in economic freedom.
Australia has enjoyed immense growth for the last two decades, beating the recession of 2007-2008. However, the pandemic has brought the first shock in a long time and the GDP took a 9.2% decline. In this state of things, the economy is running on government funding and businesses. In October 2020, the International Monetary Fund predicted the rise to be 3% in 2021 and 2.8% in 2022 but Australia with its amazing recovery policy system shot through the graph and the new predictions in January 2021 showed a 0.3% extra rise above the original prediction.
As mentioned above, the service industry is a major economic contributor. The sector itself mainly focuses on scientific and technical services. The IT sector in this case is a sub-sector and has been growing rapidly over the years. An article by Erin Delaney in GradAustralia says that the supply of graduates is falling short of the demand, that is, the opening positions in the IT market which is a good problem to have for a graduate in a country.
Among the many areas of tech exploration, the Australian tech market is ahead in cybersecurity, digital health and mining technological solutions. The advancement in the first two areas specifically gave Australia an advantage in terms of solutions. The country rushed forward to into the ongoing slow adoptions in heath and cybersecurity to ensure public welfare in terms of medical solution and economic solutions.
This pointed advantage has helped Australia rise above the pandemic strike and come out on the other side with a standing higher than global expectations.