Western Australia has been praised for having the best economy in the entire world with global credit rating agency S&P deeming WA’s economy the best in the world during 2020-21.
Despite COVID-19, Western Australia has delivered the strongest projected economic growth in the country. Australian Bureau of Statistics National Accounts data released 2 December 2020 highlights that WA was the only State to grow in annual average terms, rising 0.3 per cent where the national domestic economy contracted by 2.2 per cent.
The Western Australian economy (gross state product) grew in real terms by 1.4% in 2019‑20; one of only two states to grow during the year. This economic growth compounds Western Australia’s pre-existing economic strengths, with historical gross state product performing 35 per cent above national average per capita and almost half of Australia’s annual exports of goods originating from the state.
The strong economy, combined with its natural advantages and appeal, is why Perth is emerging as Australia’s city of opportunity and optimism.