Question: how is australia part of the global economy?
Answer: Despite Australia comprising just 0.3 per cent of the world's population, its economy is expected to be the 14th largest in the world and the ﬁfth largest in the Asian region in 2019. Australia's nominal GDP is estimated at US$1.5 trillion (almost A$2 trillion) and accounts for 1.7 per cent of the global economy.