Australians are not like the rest of us. Last year, when almost all the rich economies dipped into recession or slowed sharply, Australia continued to boom. What is more, while most big stock-markets have fallen by one-third or so from their peaks in early 2000, share prices in Sydney touched a new high this year. In the year to the fourth quarter of 2001, Australia's GDP grew by 4.1%-by far the fastest growth in any of the big rich economies (see chart on next page). Evidence from consumer and business surveys suggests that growth this year remains brisk. According to The Economist's latest poll of forecasters (see page 96), Australia is tipped to be the fastest growing economy this year and next, with growth not far short of 4%. Australia's buoyancy is even more remarkable given that its economy is so heavily dependent on basic commodities, whose prices slumped last year; and given that its two main export markets, America and Japan, both had recessions.
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