At the Liberal party launch on Sunday, Scott Morrison essentially said Australia has had the best Covid recovery in the world.
Our economic growth was higher than any other advanced economy, our AAA credit rating is intact, one of only nine countries to do this in the world… On almost every measure, growth, jobs, levels of debt, death rates, vaccine rates, Australia’s recovery leads the advanced world.
But is Australia’s record as flawless as that? And which countries are we referring to when we say the response is global?
If the standard for “advanced economies” is that of the G7 countries, then Morrison’s boast is correct, but if the standard is the Organization for Economic Co-operation and Development, it is not.
According to the Australian Bureau of Statistics, the Australian economy at the end of 2021 was 3.4% larger than it was at the start of the pandemic (December 2019 quarter).
According to the OECD, this beats the G7 countries during this period, although the United States is close behind (3.1%), and France (0.9%) and Canada (0.2%). ) were also positive.
Within the G20, however, Australia’s performance lags that of Turkey (14.5%), China (10.2%), India (5.4%) – although These are developing economies, which in turn drove the G20 average above Australia’s result (4.1%).
By expanding further, some developed OECD countries have even performed better.
Australia’s GDP fell by 2.2% in 2020, then increased by 4.7% in 2021. This performance was overtaken by Denmark (-2.1% then +4.7%), Israel (-2.1% then +7.9%), Ireland (5.9% then +13.5%). %), New Zealand (-2.1% then +5.6%), Norway (-0.7% then +3.9%). Still, Australia had a better fourth quarter of 2021 than all of those countries except Israel.
According to the OECD, Australia’s unemployment rate of 3.954% in March 2022 is higher than that of the Czech Republic (2.3%), Germany (2.9%), Hungary (3.2% ), Israel (3.8%), Japan (2.6%), Korea (2.7%), Mexico and the Netherlands (3.3%) and the United States ( 3.6%).