10 Most Developed Countries in the World Heading into 2024

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5. Australia

HDI Ranking: 5

GDP Per Capita: $64,491 

Composite Score: 5 

In 2024, Australia’s economic growth is projected (by IMF) to be around 1.25%, influenced by tighter macroeconomic policies and financial conditions. Despite this slowdown, unemployment remains low, and housing prices have begun to recover after a correction in 2022. By the second quarter of 2023, the country’s headline inflation had decreased to 5.0%, a significant drop from the record high of 7.8% in the fourth quarter of 2022.

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