Australia to become world’s 11th-largest economy aided by skilled migrants’ inflow

The growth of the population of Australia, driven by particularly by skilled migrants, will help make the country the 11th-largest economy of the world in the next decade, said an economic report of the Centre for Economics and Business Research (CEBR), an economic analysis group based in London.

It will push the ‘Land Down Under’ two places up from its current 13th position, said CEBR in its latest world’s economies rankings released on 26 December.

Xinhua quotes the report as saying that skilled migrants whose demand is high are flocking to Australia. They, in turn, are estimated to help promote its economic growth which will reduce its dependence on natural resources and take it ahead in technology and other aspects of new global advances.

By 2032, China is expected to upstage the US to become the world’s largest economy. Another key point to be noted is that three out of the four world’s largest economies, including Japan and India, will be Asian by that year, the CEBR said. South Korea and Indonesia will also find a place in the top ten ranked economies in the world by that time.

Oliver Kolodseike, the co-author of the report, said that it was interesting to note that five of the ten largest global economies would be Asian by 2032. On the other hand, European economies are would slip down the ranking and the US would no longer be the leading economy in the world, he said.

According to Kolodseike, an important role will be played by urbanization and technology in changing the face of the world economy until 2032.

Australia granted over 120,000 skilled migration visas in 2015-2016, accounting for the most number of permanent migrant visas granted, the government figures of Australia showed.

In a report released in early December, Australian CommSec analysts said that the Australian economy’s outlook entering 2018 was buoyant, showing that its business sector was in ‘great shape’ and companies were investing, employing and spending. All of this will lead to the expected economic growth of Oz to jump to three percent in 2018, up from about two percent.