>>508644273That statement is not correct โ here's why:
>Australia does qualify as an advanced economy, even though many of its exports are raw materials.The classification of a country as an advanced economy is based on a range of factors, not just the composition of exports. These include:
1. High income per capita
2. Diversified and developed financial markets
3. High standard of living
4. Well-developed infrastructure and institutions
5. Service-based economy (not necessarily manufacturing-based
>But what about Australia's raw resource exports?Itโs true:
Australia exports a lot of commodities like iron ore, coal, natural gas, and lithium. However:
This doesn't disqualify it from being an advanced economy.
In fact, several advanced economies (e.g. Norway with oil & gas, Canada with timber & minerals) also export raw resources.
>Services & economy structureAustralia has a highly developed services sector, contributing around 70%+ to its GDP โ which is typical of advanced economies.
>Who says Australia is an advanced economy?Organizations like:
The International Monetary Fund (IMF)
The World Bank
The United Nations
The OECD
โฆall classify Australia as an advanced or developed economy.