Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

ECONOMIC RESILIENCE: GLOBAL SYDNEY'S MULTICULTURAL ADVANTAGE

ECONOMIC RESILIENCE: GLOBAL SYDNEY'S MULTICULTURAL ADVANTAGE Abstract There was widespread concern in Australia following the mid-1997 outbreak of the Asian financial crisis because the nation's strong trade orientation to Asia implied that the national economy would be adversely affected. Against expectations, whilst exports to Asia did indeed drop, this was compensated for by increases to other countries and by the general strength of the Australian economy. Sydney, Australia's largest and most globalised city, has benefited most from Australian economic restructuring since the 1970s, especially through growth in the service economy that is strongly linked with Asia. Those linkages, combined with other factors of competitive advantage, including Sydney's cultural diversity, which has a strong Asian dimension, are the cornerstones of the city's economic resilience. They will be the basis for future growth as circumstances in Pacific Asia improve. The social fallout resulting from the creation of economic resilience will need to be managed by governments if the basis for future growth is to be maintained. Australia's economy has continued to expand despite Asian contraction and global financial turmoil, defying naysayers' pessimistic predictions. This was in part a cyclical accident, whereby easier monetary policy readied the economy for an Asian downturn that neither central banks nor markets expected. But the economy's resilience largely stemmed from a transformation in its structure that is only now starting to be widely understood. The change—15 years of vigorous economic reform in the making—has allowed Australia to not only withstand recession in the majority of its export markets but to maintain one of the highest OECD growth rates through the nineties. (HSBC Securities, 1999: 1) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asian Geographer Taylor & Francis

ECONOMIC RESILIENCE: GLOBAL SYDNEY'S MULTICULTURAL ADVANTAGE

MURPHY, Peter A.; WU, Chung-Tong
Asian Geographer , Volume 19 (1-2): 14 – Jan 1, 2000
Download PDF
14 pages

ECONOMIC RESILIENCE: GLOBAL SYDNEY'S MULTICULTURAL ADVANTAGE

Abstract

Abstract There was widespread concern in Australia following the mid-1997 outbreak of the Asian financial crisis because the nation's strong trade orientation to Asia implied that the national economy would be adversely affected. Against expectations, whilst exports to Asia did indeed drop, this was compensated for by increases to other countries and by the general strength of the Australian economy. Sydney, Australia's largest and most globalised city, has benefited most from...
Loading next page...
 
/lp/taylor-francis/economic-resilience-global-sydney-apos-s-multicultural-advantage-KXkuusCiPL
Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
2158-1762
eISSN
1022-5706
DOI
10.1080/10225706.2000.9684063
Publisher site
See Article on Publisher Site

Abstract

Abstract There was widespread concern in Australia following the mid-1997 outbreak of the Asian financial crisis because the nation's strong trade orientation to Asia implied that the national economy would be adversely affected. Against expectations, whilst exports to Asia did indeed drop, this was compensated for by increases to other countries and by the general strength of the Australian economy. Sydney, Australia's largest and most globalised city, has benefited most from Australian economic restructuring since the 1970s, especially through growth in the service economy that is strongly linked with Asia. Those linkages, combined with other factors of competitive advantage, including Sydney's cultural diversity, which has a strong Asian dimension, are the cornerstones of the city's economic resilience. They will be the basis for future growth as circumstances in Pacific Asia improve. The social fallout resulting from the creation of economic resilience will need to be managed by governments if the basis for future growth is to be maintained. Australia's economy has continued to expand despite Asian contraction and global financial turmoil, defying naysayers' pessimistic predictions. This was in part a cyclical accident, whereby easier monetary policy readied the economy for an Asian downturn that neither central banks nor markets expected. But the economy's resilience largely stemmed from a transformation in its structure that is only now starting to be widely understood. The change—15 years of vigorous economic reform in the making—has allowed Australia to not only withstand recession in the majority of its export markets but to maintain one of the highest OECD growth rates through the nineties. (HSBC Securities, 1999: 1)

Journal

Asian Geographer – Taylor & Francis

Published: Jan 1, 2000

There are no references for this article.