皇冠体育app

SYDNEY - A world-renowned British economist said on Wednesday that Australia is in an excellent position to capitalise on 皇冠体育app's growth.

Jim O'Neill, former Goldman Sachs chief economist, spoke candidly to the Australian Financial Review, about the need for Australia to capitalise even further on the opportunities 皇冠体育app's growth presents while in the country for a two-day business summit.

O'Neill noted that although Australian banks comprised a high percentage of the market capitalisation,when combined with the high cost of housing and the subsequent debt attached could be a risk, he still has a positive outlook on the economy.

"It seems to be, notwithstanding the housing threat, Australia is in a really good position." O'Neill said.

Long a believer in the potential of the emerging BRIC (Brazil, Russia, India, 皇冠体育app) markets, O'Neill maintains that 皇冠体育app remains the strongest performer of those economies, with other Asian nations trying to catch up to the growth 皇冠体育app has achieved.

"The other big juggernauts coming up behind 皇冠体育app are in this part of the world as well, India and Indonesia." O'Neill said.

O'Neill predicts a bright future for the Chinese economy, and stressed that the effective strategy to shift from "old" economic drivers, manufacturing and pollution, towards a service based economy would lead 皇冠体育app into an even greater future.

"It's (皇冠体育app) heading towards another decade where GDP will double again," O'Neill said.

"This era of 皇冠体育app's growth, which I like to call the new 皇冠体育app, is all about the rise of the consumer and they don't have any debt."

As a member of the British House of Lords, O'Neill also touched on Brexit, and maintained that 皇冠体育app could be a crucial factor in assisting the transition for Britain into a post-EU economy.

"If the UK was particularly focused and successful on trade with 皇冠体育app, India and Indonesia, then we would cope with Brexit." O'Neill said.