Globalization has led to reductions in global poverty and improvements in quality of life. While the wealth gap between the richest and poorest has narrowed, the proportion of people living in extreme poverty has fallen as national incomes have risen. Australia has embraced globalization through open trade policies, foreign investment, and immigration. It has competitive advantages in its openness, IT readiness, and culture that have supported the growth of globalized industries like mining, agriculture, manufacturing, and services. Looking ahead, Australia is well-positioned to continue thriving in an increasingly globalized world driven by information technology.
5. Incidence of poverty is falling 24% 28.3% WORLD 46.3% 46.6% Sub-Saharan Africa 5.1% 0.2% Europe/Central Asia 11.3% 23.9% (- China) 15.3% 26.6% East Asia 1998 1987
6. Quality of life improving 67%bb 80% Global literacy 67 44 Infant survival rates/1000 66 58 Average life expectancy 810m 920m People undernourished 1990’s 1970
8. The evidence shows that the poorest people within countries share in the gains from national income growth. Generally, as a country ’s average income rises,the poorest share proportionately in those gains. More specifically,the poorest 20 per cent in an economy gain by the same percentage as the country does. And as a country ’s average income per person rises,the proportion of its population living in extreme poverty falls.
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