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Data Alert: Proximity to growing Asian economy to enhance Australia’s growth

14 December 2012

Australia’s ideal location and enhanced engagement with Asia, the world’s fastest growing economic region, will fuel anticipated growth levels over the next five years. The pace and scale of growth and change in this region reflects a significant shift in economic power.

Over the past two decades, China and India have almost tripled their share of the global economy and increased their absolute economic size around eight times, as measured by GDP adjusted for purchasing power parity (PPP).

The fast growing Asian economies will remain the engines of global economic growth with the IMF estimating the region will account for over 40 per cent the world’s economic output by 2017, driven by sustained growth by China and India.

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