Migration pushes Australia to become the world’s 11th biggest economy

Population growth will help propel Australia to become the world’s 11th biggest economy within a decade, a report predicts. The London-based Centre for Economics and Business Research is forecasting Australia will climb two places on its world economic league table by 2026 from its current ranking of 13. Countries that depend on brainpower to drive their economies will generally overtake those dependent on natural resources, with China tipped to replace the US as the world’s biggest economy in 2030, the centre says. While Australia’s economic growth has been fuelled by resources in recent years, the centre also noted that it’s become one of the most popular countries in the world for inward migration.

The London-based Centre for Economics and Business Research is forecasting Australia will climb two places on its world economic league table by 2026 from its current ranking of 13. And it’s particularly Australia’s intake of migrants with highly sought-after skills that will help fuel its future growth. “Australia is one of the most popular countries in the world for inward migration as well as having natural resources. “The growing population means that the economy is forecast to rise from 13th largest in 2017 to 11th largest economy in 2026. “Investment in urban infrastructure will need to accelerate as population increases.” Australia welcomed 245,400 immigrants in the year ending June 30, 2017, a 27 per cent increase from the year before.

“The growing population means the economy is forecast to rise from 13th largest in 2017 to 11th largest economy in 2026,” said the centre’s 2018 World Economic League Table, which ranks the world’s economies by gross domestic product measured in US dollars at market prices to 2030.