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Overview Australia suffered an economic softening during the late 20th century due to economic reform and global recession. In particular was the Asian economic crisis, which occurred from mid-1997 to early 1999. Although the global recession centered on Asia, it effected Australia because Asia is the destination of much of Australia's exports. Economists are optimistic the economy will continue to advance because Australia’s economy is one of the most resilient in the world. Australia has a prosperous Western-style capitalist economy. Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. After a slow start in 1998, exports rebounded in the second half of the year because of sharp currency depreciation and a redirection of sales to Europe, North America, and Latin America. Australia's economic growth has been described as extraordinary, averaging around 3.5% in the last five years, with forecasts of continued growth of around 4% in 2003. Australia suffered from low growth and high u