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Al Jazeera
Al Jazeera
Business
Wing Kuang

Australia’s economy was the envy of the world. Now it’s falling behind

Sydney Harbour on January 26, 2021 [Wendell Teodoro/AFP]

Sydney, Australia – When Racheal Clayton was attending primary school in Sydney, Australia at the height of the 2007-2009 Global Financial Crisis, the Australian economy was the envy of governments around the world.

Unlike every other major developed economy, Australia emerged from the worst economic downturn since the Great Depression without going into recession.

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