Great Leap Forward Is Australia Leaving Asia Behind? Australia's Stronger Relations with the US, Coupled with a Major Free Trade Deal Being Negotiated between the Two Countries, Have Critics Asking Whether Australia Is Turning Its Back on Asia. but Is the "Miracle Economy" Really Leaping Away?

In a world dogged by economic downturn, deflation and catastrophic events, Australia stands out as an oasis.

Hailed by economists and observers around the world as being a "miracle economy", Australia has recorded growth rates over the past few years that other industrialized nations could only wish for.

But at this time of economic strength, questions have arisen about Australia's commitment to Asia. With its economy outpacing many others in the region, and a more intense focus on the USA as both trade and strategic partner, some commentators are asking whether Australia is focused now more than ever on the West rather than East. Is Australia leaving Asia behind?

Strength

In terms of economic robustness, Australia is certainly putting to shame some of the region's developed nations. While countries like Singapore and Hong Kong (not to mention the flatlining Japan) struggle to maintain growth amidst the impact of various crises, Australia has remained stable and healthy throughout.

While the dismal state of the global economy (and some parts of Asia) is clear, Australia is expected to expand three per cent this year and 3.25 per cent next year.

If Australia has …

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Publication information: Article title: Great Leap Forward Is Australia Leaving Asia Behind? Australia's Stronger Relations with the US, Coupled with a Major Free Trade Deal Being Negotiated between the Two Countries, Have Critics Asking Whether Australia Is Turning Its Back on Asia. but Is the "Miracle Economy" Really Leaping Away?. Contributors: Not available. Magazine title: Business Asia. Volume: 11. Issue: 5 Publication date: June 2003. Page number: 8+. © 1999 First Charlton Communications Pty Ltd. COPYRIGHT 2003 Gale Group.

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