Australia
Coal loads onto an export ship in Queensland, Australia.
2009 GDP Growth: 1.3%
Population: 22.3 million
2010 Estimated GDP Growth: 3%
Australia withstood the global economic crisis better than most developed countries. Though GDP dipped slightly in both 2008 and 2009, the country nevertheless had positive growth as the global recession sent many economies, including the United States, to negative GDP levels.
After a mild downturn, Australia is showing signs of a strong rebound. For one, its unemployment rate has steadily fallen for the past year to about 5.2%, down from 5.7% in June 2009. The U.S. State Department predicts it could fall further to 4.75% by 2012. What's more, although Australia's central bank in June left its key interest rate unchanged, it has increased its rate six times since October.
Though China has led the global economic recovery, Australia has benefited from the country's lofty appetite for its natural resources. Australia is the world's largest shipper of iron ore, coal, and wool, and prices for such commodities are expected to rebound spectacularly next fiscal year.
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Last updated July 01 2010: 4:35 PM ET
Source: Population figures from U.S. State Department; GDP numbers from International Monetary Fund
