Australia
Located between the South Pacific and Indian Oceans, Australia has a prosperous, Western-style economy that is poised to benefit from the growth of its Asian neighbors and continued commerce with its European and American trading partners. In fact, its largest export markets include Japan, China and South Korea, as well as the United States and the United Kingdom.
In 1983, the Australian government started a process of economic reform by floating the Australian dollar and partially deregulating the financial system. That was followed by partial deregulation of the country’s labor market and the privatization of state-owned businesses.
Today, Australia has a per capita GDP slightly higher than those of the United Kingdom, Germany and France in terms of purchasing power parity. Sixty-nine percent of GDP is attributed to the service sector, including tourism, education and financial services. Agricultural products (such as wheat, barley, cottonseed and canola) and natural resources (such as bauxite, coal, uranium, iron ore, gold, silver, copper and tin) comprise another 3% and 5%, respectively.
Australia ranked third in the United Nations’ 2006 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005, making it one of the best nations for foreign investment. There are a number of region-specific ETFs that focus on Australia, including iShares MSCI Australia Index Fund. To learn more about investment opportunities in Australia, click below.
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