Australia’s relative decline in economic complexity while disappointing is hardly shocking to many industry stakeholders, although they hasten to add that it is not too late for the country to turn the trend around.
The latest edition of the Atlas of Economic Complexity, produced by researchers at Harvard University, indicates a relative decline in economic complexity compared to last year and a fall in Australia’s international ranking by 12 places over the last decade.
To boost economic complexity, the Atlas recommends a “strategic bets” approach, which entails “coordinated long jumps into strategic areas with future diversification potential”.
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