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PEC Sees Australia's Economy Grows Stronger in 2002
Australia's economy will enjoy a strong four percent growth in 2001-2002 despite the weakness in the second half of 2000, an economic group of the Asia- Pacific Economic Cooperation (APEC) said in its latest economic report.
"Economic growth in Australia in 2001-2002 is forecast to rebound quite strongly.....driven by a turnaround in residential construction," the APEC Economic Committee said in its report, 2001 APEC Economic Outlook.
Given the weakness in the second half of 2000 and subdued growth expected in the first half of 2001, the country's economy is expected to grow around two percent in 2000-2001 in year- average terms, the report said.
However, the economy will gain its growth momentum in the second half of 2001. The growth will be around 3.25 percent in year-average terms in 2001-2002, and over four percent through the year to the June quarter 2002.
Residential construction is expected to contribute strongly to the growth, with a moderate growth in household consumption, business investment and exports, the report said.
The APEC group noted that the unemployment rate will be " slightly higher than recent levels." However, the country's inflation will decline and the current account deficit well below its average of the 1990s.
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