Here in Australia we do get impacted by global economic events. But we should have some confidence that our economy has got strong underlying fundamentals.
Sentiment: POSITIVE
While the wider global environment is worrying, we are seeing some positive results in our economic affairs.
The evidence is inarguable that Australia is becoming too expensive and too uncompetitive to do export-oriented business. Africans want to work, and its workers are willing to work for less than $2 per day. Such statistics make me worry for this country's future. We are becoming a high-cost and high-risk nation for investment.
The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and the results have been a disaster.
The global economic outlook remains fragile and uncertain. Global economic imbalances persist and we must address them or risk future instability.
In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
Our global economy is much more fragile than many of us realize.
I'm obviously aware that people are quite focused on the economy rather than foreign policy issues, but that is something that should and can be altered as people see the nature of the threats around the world that we face.
Because I come from a place like Jamaica, which is a small, open economy, I viscerally get the importance of the global economy.
Americans have always been able to handle austerity and even adversity. Prosperity is what is doing us in.
The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over.
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