Strengths (+) and weaknesses ( )
|
|
- Juliet Summers
- 5 years ago
- Views:
Transcription
1 Country Report Australia Country Report Marcel Weernink Economic growth in Australia decelerates due to lower mining investments. The outlook depends heavily on demand from China for its commodities and the ability to shift to non mining growth drivers. The Dutch disease makes this move more difficult. Strengths (+) and weaknesses ( ) (+) Strong public institutions Governance, rule of law and transparency indicators confirm the stability of the government. The central bank is highly credible in its inflation mandate and its supervisory role. (+/ ) Dependent on China for exports In 2012, 30% of Australian exports went to China. Although they profited in the past from the fast growing Chinese market and their demand for commodities, it makes the country also vulnerable to a hard landing for both export volumes and prices. ( ) High amount of external debt Since 1974, Australia had a current account deficit of on average 4% of GDP (mainly driven by capital imports due to high amount of mining investments), resulting in a large negative international investment position ( 56.6% of GDP). The net external debt in 2012 was 54% of GDP. ( ) Banking sector is concentrated and still dependent on foreign funding The four largest banks account for 92% of the total banking system assets and have very similar business models. Residential mortgages (mainly with variable interest rates) are the biggest asset class. Net foreign borrowing declined to 16% of total liabilities (from 26% in 2006). February 18, /5
2 Key developments 1. Growth is decelerating due to lower mining investments In the past years, the Australian economy outperformed other advanced economies. This was mainly due to investments in the natural resources industry. The economic growth is expected to slow down to 2.5% in both 2013 and 2014 (3.6% in 2012), below their potential growth of 3.1% according to the OECD (figure 1). The growth outlook for the coming years depends heavily on the ability of the economy to transform from a reliance on mining investment towards mining exploration. This will increase resources exports and lower imports (since less capital goods are needed). Since the major part of the mining business is foreign owned, their contribution to national income growth will be low. Also, employment will decrease, since the exploration phase is less labor intensive. Therefore, unemployment is expected to rise (the IMF forecasts 6% in 2014, up from 5.2% in 2012). As a result of the expected slowdown, the fiscal outlook worsens. Whereas the previous government expected the deficit to be eliminated by the fiscal year 2015/2016, the latest fiscal outlook does not expect a fiscal surplus in the near future (2014/2015: 1.9% of GDP; 2015/2015: 1.1% of GDP). The new government plans further fiscal consolidation to lower its budget deficit. In response to the slowing economy, the Reserve Bank of Australia (RBA) lowered its policy rate during the last two years from 4.25% to 2.5%. Both the fiscal and monetary authority still have the space to stimulate the economy in case it performs worse than expected. Figure 1: Growth performance Figure 2: House prices and housing finance Source: EIU Source: Reuters Ecowin, RBA 2. Dutch disease makes the move to the next phase more difficult Since mining is going into the exploration phase with less employment and less attribution to the national income, the economy needs to rebalance to non mining growth drivers. A major obstacle is the past deterioration of international competitiveness of the non mining industries due to the high exchange rate, high labor costs (Dutch disease) and sluggish labor productivity growth. The past rise in the terms of trade has been misunderstood as a structural change, and therefore the government has been unable to reap the benefits of the commodity windfall. The maturing Chinese economy, together with a big increase in iron ore production worldwide, will likely lead to a deterioration of the export prices. In the future, a more consumption driven Chinese economy might enable Australia to export more services (tourism, education and business services) and agricultural products. During the mining investment boom, Australia lost its attractiveness as manufacturing base, which likely leads to a permanent loss of employment. Currently, the manufacturing sector contribution to GDP is just 7.5%, which is about half of the average contribution in high income OECD countries. Car manufacturers like Holden and Toyota ceased operations in Australia. 3. House prices started to increase again The easing of monetary policy led to a fast increase in housing loans. Finance for investment purposes grew February 18, /5
3 more strongly than finance for owner occupied housing (figure 2). House prices in the capital cities rose by 7.6% y o y in 13Q3. Moreover, compared to its long term average, the Australian housing market is overvalued both in affordability (price to income ratio, 37%) and profitability (price to rent ratio, 21%) terms. According to RP Data (a major property information provider in Australia) in 87% of the country it is cheaper to rent than to buy, indicating that investors are entering the market for capital gains. Negatively gearing, investments that generate less revenues than costs of owning and managing the assets, are an indication for speculative demand that could lead to fast price adjustments when economic conditions deteriorate. Part of these investments is done through self managed superannuation (pension) funds. These funds contain about a third of Australian pension assets, and in the last years started to increase their investment in property (both commercial and residential). This development is partly due to changes in legislation that allowed these funds to borrow more easily. Moreover, tax rules support housing investments, since any losses on rental real estate can be offset against other income. 4. Deleveraging process is still ongoing, resulting in an improving current account The structural weaknesses of the Australian economy include its persistent current account deficit, though its trade deficit is narrowing sharply; the relatively high household indebtedness; and the banks reliance on foreign funding. Fortunately, the private sector is still reducing its debts. The households net saving ratio remained stable around 10% (up from an average 2% over the 10 years before the Global Financial Crisis), which is about twice the average ratio of the OECD countries. Moreover, the slowdown in private credit growth seems to be of a structural nature. Nevertheless, households indebtedness remains at high levels both from a historical and cross country perspective (113% debt to GDP). The increased private saving results in a lower reliance of banks on offshore funding. Also the slowdown of mining investments and increased commodities exports will likely lead to lower capital inflows and an improved current account going forward. February 18, /5
4 Factsheet of Australia Source: EIU, CIA World Factbook, UN, World Economic Forum, Transparency International, Reporters Without Borders, World Bank. Background information Australia is one of the wealthiest economies of the world with GDP per head at PPP being 22% higher than the OECD average. The country implemented a large number of reforms in the 1980s and 1990s, making the country more internationally focused, more diverse and more competitive. In the 2000s, economic growth is mainly driven by the natural resources investment boom and the increase in the terms of trade. The country did not experience a recession in the last 22 years. It was able to withstand the Global Financial Crisis, since the fiscal position of the government enabled them to implement a major stimulus program. The country ran a persistent current account deficit since 1973, resulting in a large negative net international investment position (NIIP). Currently, the current account deficit is mainly the result of a large income account deficit. Moreover, since the mid 00 s, the country started to consume less and invest more. This increase in investment will increase Australia s capacity to export and to pay back its international liabilities in the future. Australia has a highly stable and well capitalized banking system, though it is very concentrated as well. The four biggest banks have together a market share (assets) of 92% and share the same business model. Historically, the banking sector has been highly reliant on foreign wholesale markets, but due to tighter regulations and increased domestic private savings, the banks have reduced this dependence. Moreover, the Australian regulators are forerunners in implementing Basel III regulations, e.g. they implemented higher capital requirements for the systemically important institutions. In 2012, the IMF concluded that the banking system can withstand a severe economic shock. February 18, /5
5 Economic indicators of Australia Source: EIU Author(s) Marcel Weernink International Macroeconomic Research (IMR) February 18, /5
Strenghts (+) and weaknesses ( )
Country Report Singapore Country Report Maartje Wijffelaars Strong institutions and effective policymaking support (potential) GDP growth, while the state s small size and ageing pose challenges. Healthy
More informationStrengths + and weaknesses
Chile: economic reality holds back reforms Country Report Ester Barendregt The Bachelet government is facing popular discontent on both the left and the right as well as a deteriorated economic environment,
More informationStrengths (+) and weaknesses ( )
Country Report Chile Country Report Alexandra Dumitru A new government took office in March 2014 and has been pushing through a bold reform agenda. In the meantime, the economy took a downturn, but economic
More informationMonthly Economic Review
Monthly Economic Review FEBRUARY 2018 Based on January 2018 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth picked up in Q4, driven by stronger output from the services sector The
More informationInvestment and its Financing: A Macro Perspective
G R O U P O F T W E N T Y Investment and its Financing: A Macro Perspective Annex to the G Surveillance Note Meetings of G Finance Ministers and Central Bank Governors February, 3 Prepared by Staff of
More informationCountry report NEW ZEALAND
Summary Economic and financial developments in New Zealand have continued to be impacted by the aftershocks from the 4 September 2010 Canterbury earthquake. Absent further disruptions, rebuilding should
More informationEconomic Projections for
Economic Projections for 2015-2017 Article published in the Quarterly Review 2015:3, pp. 86-91 7. ECONOMIC PROJECTIONS FOR 2015-2017 Outlook for the Maltese economy 1 The Bank s latest macroeconomic projections
More informationOECD Interim Economic Projections Real GDP 1 Percentage change September 2015 Interim Projections. Outlook
ass Interim Economic Outlook 16 September 2015 Puzzles and uncertainties Global growth prospects have weakened slightly and become less clear in recent months. World trade growth has stagnated and financial
More informationTwenty-First Meeting April 24, 2010
International Monetary and Financial Committee Twenty-First Meeting April 24, 2010 Statement by ZHOU Xiaochuan Governor, People s Bank of China On behalf of the People s Republic of China Statement by
More informationEconomic Projections :1
Economic Projections 2017-2020 2018:1 Outlook for the Maltese economy Economic projections 2017-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationAlberta s Economic Outlook Chief Economist Katherine White Presented April 2012 Exclusively to the Members of REIN
Alberta s Economic Outlook Alberta s Economic Outlook Katherine White Chief Economist Government of Alberta April 3, 2012 1) Global Economy 2) Canadian Economy 3) Alberta Economy 4) Alberta s Housing Market
More informationEconomic projections
Economic projections 2017-2020 December 2017 Outlook for the Maltese economy Economic projections 2017-2020 The pace of economic activity in Malta has picked up in 2017. The Central Bank s latest economic
More information2018 HSC Economics Marking Guidelines
NSW Education Standards Authority 2018 HSC Economics Marking Guidelines Section I Multiple-choice Answer Key Question Answer 1 C 2 A 3 A 4 D 5 D 6 B 7 A 8 C 9 A 10 D 11 D 12 C 13 B 14 C 15 B 16 D 17 B
More informationEconomic Fundamentals in Australia MacGregor and Salla Sample responses to questions contained in Activity Centre: Unit 3 Outcome 3
Economic Fundamentals in Australia MacGregor and Salla Sample responses to questions contained in Activity Centre: Unit 3 Outcome 3 Question 1 a) Tariffs and quotas are both examples of means by which
More informationECONOMY REPORT - CHINESE TAIPEI
ECONOMY REPORT - CHINESE TAIPEI (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT The Chinese Taipei economy grew strongly during the first three quarters of 2000, thanks largely to robust
More informationChina s Fiscal Stimulus and the Recession Australia Never Had: Is a Growth Slowdown Now Inevitable?
China s Fiscal Stimulus and the Recession Australia Never Had: Is a Growth Slowdown Now Inevitable? Creina Day 1 Abstract China s timely and well-targeted two-year fiscal stimulus was particularly effective
More informationLETTER. economic. Canada and the global financial crisis SEPTEMBER bdc.ca
economic LETTER SEPTEMBER Canada and the global financial crisis In the wake of the financial crisis that shook the world in and and triggered a serious global recession, the G-2 countries put forward
More informationThe Economic Outlook of Taiwan
The Economic Outlook of Taiwan by Ray Yeutien Chou and An-Chi Wu The Institute of Economics, Academia Sinica, Taipei October 2017 1 Prepared for Project LINK 2017 Fall Meeting, Geneva, Oct. 3-5, 2017 2
More informationEconomic ProjEctions for
Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest
More informationFund Management Diary
Fund Management Diary Meeting held on 16 th October 2018 Euro-zone competitiveness imbalances In the run up to the global financial crisis differing competitiveness levels across the euro-zone contributed
More informationColombia. 1. General trends. The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of
Economic Survey of Latin America and the Caribbean 2008-2009 129 Colombia 1. General trends The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of recent years. Indicators
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy March 2018 Released on 22 March 2018 Outlook for Australia 1 Economic Activity
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy December 7 Released on December 7 Outlook for Australia Economic Activity Actual
More informationEXTERNAL STABILITY & THE EXCHANGE RATE
EXTERNAL STABILITY & THE EXCHANGE RATE Peter Kennedy Head Teacher Teaching & Learning CHHS HSC Senior Marker Economics Tutor Macquarie University 1 Australia s External Stability Let s start with some
More informationII. Country Economic Profiles: Ethiopia, Tanzania, Zambia, China and Vietnam
II. Country Economic Profiles: Ethiopia, Tanzania, Zambia, China and Vietnam 50 II.1. Ethiopia II.1.1. Growth and Structure Ethiopia, with a population of 81 million and per capita income (at market prices)
More informationCountry update URUGUAY
Summary Uruguay s economy continued to grow quickly in 2011, although growth decelerated in the course of the year. The deceleration has been welcome, as the economy was close to overheating, with especially
More informationChina Update Conference Papers 1998
China Update Conference Papers 1998 Copyright 1998 NCDS Asia Pacific Press ISSN 1441 9831 Published online by NCDS Asia Pacific Press Asia Pacific School of Economics and Management The Australian National
More informationECONOMIC OUTLOOK UNIVERSITY OF CYPRUS ECONOMICS RESEARCH CENTRE. January 2017 SUMMARY. Issue 17/1
SUMMARY UNIVERSITY OF CYPRUS The expansion of real economic activity in Cyprus is expected to continue in 2017 at rates similar to those registered in 2016. Real GDP is forecasted to have increased by
More informationLETTER. economic. Global economy will be weaker than expected OCTOBER bdc.ca
economic LETTER OCTOBER Global economy will be weaker than expected The International Monetary Fund (IMF) has scaled down its projections for the global economy for and 212 for two major reasons. First,
More information2012 6 http://www.bochk.com 2 3 4 ECONOMIC REVIEW(A Monthly Issue) June, 2012 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Plunge in Hong Kong s GDP Growth and Prospects
More informationThe sharp accumulation in government debt can t go on forever
The sharp accumulation in government debt can t go on forever Summary: Sovereign debts have increased sharply since the eighties; Global monetary stimulus has created a low interest rate environment but
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 2.4% in 2014, compared with 5.8% in 2013. This slowdown was due mainly to the
More informationIntroduction. ECON204 Notes. Response to the GFC Crisis Monetary policy Cut interest rates Quantitative easing
Introduction ECON204 Notes Response to the GFC Crisis Monetary policy Cut interest rates Quantitative easing Fiscal policy Governments spent and borrowed a lot Fiscal deficits funded by debt Many have
More informationAustralian Equity IMPROVING OUTLOOK FOR A TRANSITIONING ECONOMY
FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. PRICE POINT December 2015 Timely intelligence and analysis for our clients. Australian Equity IMPROVING OUTLOOK FOR A TRANSITIONING ECONOMY
More informationCorporate and Household Sectors in Austria: Subdued Growth of Indebtedness
Corporate and Household Sectors in Austria: Subdued Growth of Indebtedness Stabilization of Corporate Sector Risk Indicators The Austrian Economy Slows Down Against the background of the renewed recession
More informationRECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA
RECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA Remarks by Mr AD Mminele, Deputy Governor of the South African Reserve Bank, at the Citigroup Global Issues Seminar, held at the Ritz Carlton Hotel in Istanbul,
More informationEconomic Outlook
2013-2014 Economic Outlook Published by: Department of Finance Province of New Brunswick P.O. Box 6000 Fredericton, New Brunswick E3B 5H1 Canada Internet: www.gnb.ca/0024/index-e.asp March 26, 2013 Cover:
More informationKEY CHALLENGES FOR SUSTAINING GROWTH AND COMPETITIVENESS IN SEE
KEY CHALLENGES FOR SUSTAINING GROWTH AND COMPETITIVENESS IN SEE GLOBAL TRENDS Accelerating growth in advanced economies (US, UK, Eurozone) vs. Slowdown in almost all emerging markets Downward revisions
More informationNews Release 18 February 2009 Quarterly Press Briefing Hon. Derick Latibeaudiere, Governor, Bank of Jamaica
News Release 18 February 2009 Quarterly Press Briefing Hon. Derick Latibeaudiere, Governor, Bank of Jamaica Ladies and gentlemen, This is our first press briefing for 2009. I am very pleased to welcome
More informationThe Macro-economy and the Global Financial Crisis
The Macro-economy and the Global Financial Crisis Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Global economic
More informationFebruary market performance. Index. Index. Global economies
March 2016 Global equity markets continued to correct through February but stage an early March recovery Oil prices staged a strong recovery from mid-february up 37% China economic data continued to consolidate
More information$3.56 trillion. $2.216 trillion
ECONOMY SUMMARY INTRODUCTION The main goal of this macro-study is to investigate Brazil and to get a global view of its economy. This chapter will focus on Brazil s economy by giving an answer to the following
More informationIndonesia: Changing patterns of financial intermediation and their implications for central bank policy
Indonesia: Changing patterns of financial intermediation and their implications for central bank policy Perry Warjiyo 1 Abstract As a bank-based economy, global factors affect financial intermediation
More informationAngola - Economic Report
Angola - Economic Report Index I. Assumptions on National Policy and External Environment... 2 II. Recent Trends... 3 A. Real Sector Developments... 3 B. Monetary and Financial sector developments... 5
More informationFRANC ZONE ANNUAL REPORT
2009 FRANC ZONE ANNUAL REPORT * The global economic recession of 2009, which resulted in a 0.6% decline in world GDP, led to a significant slowdown in economic growth in Sub-Saharan Africa. ACTIVITY The
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 BELIZE 1. General trends The Belizean economy experienced a reversal of fortunes in 2016, with growth dropping to -0.8% from 2.9% in 2015. A sharp
More informationLETTER. economic. China: Towards a floating exchange rate regime? MAY bdc.ca
economic LETTER MAY 212 China: Towards a floating exchange rate regime? For many years now, the West has been reproaching China for keeping the yuan below its balanced value, that is, the value that would
More informationIrish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia
Irish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia Diarmaid Smyth, Central Bank of Ireland 18 June 2015 Agenda 1 Background to Irish economic performance 2 Economic
More informationSada Reddy: Fiji s economy
Sada Reddy: Fiji s economy Presentation by Mr Sada Reddy, Deputy Governor of the Reserve Bank of Fiji, to the FIJI NZ Business Council, Suva, 3 October 2008. * * * Outline The outline of my presentation
More informationMinutes of the Monetary Policy Meeting of the Reserve Bank Board
Minutes of the Monetary Policy Meeting of the Reserve Bank Board Sydney 4 December 2018 Members Present Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM,
More informationMarch June Summary. A sharp improvement in nominal growth. Components of GDP. 4Q16 GDP Growth
GDP Australian 4Q16: GDP: A return XXX to growth June 2015 March 2017 Summary The economy returned decisively to growth in the final quarter of 2016, recording 1.1% growth q-q. This was boosted by household
More informationThe Israeli economy: Trends and Outlook. 4th quarter of 2017
The Israeli economy: Trends and Outlook 4th quarter of 2017 Outline Factsheet Recent economic trends Fiscal indicators Economic Outlook Israel Factsheet Sources: Israeli CBS, BoI Economy Population Labor
More informationEconomics Standard level Paper 2
M17/3/ECONO/SP2/ENG/TZ0/XX Economics Standard level Paper 2 Wednesday 3 May 2017 (morning) 1 hour 30 minutes Instructions to candidates y Do not open this examination paper until instructed to do so. y
More informationProject LINK October, 2012 Country Report: Turkey. Prepared by
Project LINK October, 212 Country Report: Turkey Prepared by Suleyman Ozmucur University of Pennsylvania, Department of Economics and Bogazici University, Center for Economics & Econometrics, Istanbul,
More informationSouth Korea: new growth model emerging?
ING Business Opportunity Report Economics Department South Korea: new growth model emerging? Summary conclusions The growth outlook for Korea in the short to medium term is positive. ING forecasts economic
More informationAustralian Economy April Julie Toth Chief Economist Australian Industry Group
Australian Economy April 2018 Julie Toth Chief Economist Australian Industry Group No recession in 26 years (since 1991) but we re still quite slow and fragile. Real GDP grew by only 2.4% in Q4 of 2017
More informationOutlook 2013: China. Growth expected to accelerate again
Outlook 13: China Growth expected to accelerate again Weakened external demand and only limited growth supporting policies from the Chinese government were the main factors explaining China s slowing growth
More informationEconomic Projections :3
Economic Projections 2018-2020 2018:3 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest projections foresee economic growth over the coming three years to remain
More informationClime Asset Management
Clime Asset Management AIA National Investors Conference 2015 Macro Outlook 2015/16 John Abernethy Chief Investment Officer Clime Asset Management Disclaimer The information contained in this document
More informationTable of contents. Acknowledgements... Explanatory notes... Executive summary...
Table of contents Acknowledgements... Explanatory notes... Executive summary... iii iv v Chapter I Global economic outlook... 1 Prospects for the world economy in 2014-2015... 1 Global growth continues
More informationRic Battellino: Recent financial developments
Ric Battellino: Recent financial developments Address by Mr Ric Battellino, Deputy Governor of the Reserve Bank of Australia, at the Annual Stockbrokers Conference, Sydney, 26 May 2011. * * * Introduction
More informationQuarterly Economic Monitor
Overview of Quarterly Economic Monitor December 214 Queenstown s economy boomed during 214, with ' provisional estimate of GDP showing that the Queenstown-Lakes District economy grew by 4.5% over the year
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Angel Gurría Secretary-General The Organisation for Economic Co-operation and Development (OECD) IMF
More informationVictoria University. David Gruen Australian Treasury 23 February Is the resources boom an example of Dutch
The resources boom and structural change in the Australian economy Victoria University David Gruen Australian Treasury February Outline The resources boom Structural change in the Australian traded sector
More informationLETTER. economic. Is Canada less dependent on the United States than it used to be? DECEMBER 2011 JANUARY bdc.ca
economic LETTER DECEMBER JANUARY 212 Is less dependent on the United States than it used to be? weathered the last recession better than the United States. The decline in real GDP in was less pronounced
More informationEconomic Projections :2
Economic Projections 2018-2020 2018:2 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationSTRUCTURAL CHALLENGES FACING THE SINGAPORE ECONOMY
STRUCTURAL CHALLENGES FACING THE SINGAPORE ECONOMY Presentation to The Singapore Economic Policy Forum 21 st October 2011 Manu Bhaskaran Vice-President Economic Society of Singapore KEY TAKEAWAYS Structural
More informationDemystifying Korea. Service sector opportunity for Australia under KAFTA
Demystifying Korea Service sector opportunity for Australia under KAFTA Agenda Overall picture Opportunity Services for Korea KAFTA Challenges Bright Australia-Korea picture overall Overall picture is
More informationEconomic Profile of Bhutan
Economic Profile of Bhutan Submitted to: Dr. Ahmed Tazmeen Assistant Professor, Department of Economics North South University Submitted By: Namgay Wangmo MPPG 6th Batch ID # 1612872085 Date of Submission:
More information> Economic risk and implications for
> Economic risk and implications for financial markets Investment Strategy and Economics Multi Asset Group March 212 Outlook for the year ahead > Budget cutbacks in Europe and US, but global monetary easing,
More informationMLC Vanguard Share Index Fund March 2008 Annual Commentary
March 2008 Annual Commentary Executive Summary: Share market conditions have been fragile for some months due to concerns the US sub-prime crisis would lead to lower US and global growth. Sentiment deteriorated
More informationVICTORIAN BUILDING & CONSTRUCTION INDUSTRY OUTLOOK
VICTORIAN BUILDING & CONSTRUCTION INDUSTRY OUTLOOK MARCH 2017 QUARTERLY UPDATE 15 JUNE 2017 PREPARED FOR THE MASTER BUILDERS ASSOCIATION OF VICTORIA STAFF RESPONSIBLE FOR THIS REPORT WERE: Director Senior
More informationCambodia. Impacts of Global Financial Crisis
Cambodia Impacts of Global Financial Crisis Cambodia s economy has significant vulnerabilities to the global economic crisis. Cambodia is a small open economy with a dynamism based on a non-diversified
More informationThe yellow highlighted areas are bear markets with NO recession.
Part 3, Final Report: Major Market Reversal Model This is the third and final report on my major market reversal model. This portion of the model focuses on the domestic and international economy. I ve
More informationLETTER. economic THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE FEBRUARY Canada. United States. Interest rates.
economic LETTER FEBRUARY 2014 THE CANADA / U.S. PRODUCTIVITY GAP: THE EFFECT OF FIRM SIZE For many years now, Canada s labour productivity has been weaker than that of the United States. One of the theories
More informationEconomic policy-making in a small and open economy the case of Suriname
Is small beautiful? Economic policy-making in a small and open economy the case of Suriname Gillmore Hoefdraad November 2012 Highlights World Economic Outlook 2 Summary Global growth has decelerated. Growth
More informationEconomic Outlook. Wednesday, 23 August The Australian and Global Economic Outlook:
Economic Outlook Wednesday, 23 August 2017 Wednesday, 23 August 2017 The Australian and Global Economic Outlook: Australia s economy has enjoyed 25 ½ years of economic growth without a recession. It is
More informationIn 2011, economic activity remained sustained in most Franc Zone countries, in line with the strong growth (5.2%)
* In 011, economic activity remained sustained in most Franc Zone countries, in line with the strong growth (5.%) seen in Sub-Saharan Africa (SSA). Franc Zone countries benefited in particular from continued
More informationExecutive Directors welcomed the continued
ANNEX IMF EXECUTIVE BOARD DISCUSSION OF THE OUTLOOK, AUGUST 2006 The following remarks by the Acting Chair were made at the conclusion of the Executive Board s discussion of the World Economic Outlook
More informationThe Economic Outlook of Taiwan
The Economic Outlook of Taiwan by Ray Yeutien Chou and Shou-Yung Yin The Institute of Economics, Academia Sinica, Taipei October 2016 Prepared for Project LINK 2016 Fall Meeting, Toronto City, Oct. 19-21,
More informationThe Turkish Economy. Dynamics of Growth
The Economy in Turkey in 2018 2018 1 The Turkish Economy The Turkish economy grew at a rate of 3.2% in 2016, largely due to the attempted coup and terror attacks. The outlook was negative in the beginning
More informationECONOMIC PROSPECTS FOR HONG KONG IN Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong
ECONOMIC PROSPECTS FOR HONG KONG IN 2015-16 Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong I. The Current Trends Real gross domestic product (GDP) in Hong Kong increased 2.8 percent
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationMonthly Bulletin of Economic Trends: Economic Activity in the Major States
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Economic Activity in the Major States October 2018 Released at 11AM on 25 October 2018 Economic Activity in the
More informationINCREASING THE RATE OF CAPITAL FORMATION (Investment Policy Report)
policies can increase our supply of goods and services, improve our efficiency in using the Nation's human resources, and help people lead more satisfying lives. INCREASING THE RATE OF CAPITAL FORMATION
More informationOUTLOOK THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK
OUTLOOK July 2017 I Chamber of Commerce and Industry of Western Australia (Inc) THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK Outlook is CCIWA s biannual analysis of the Western Australian economy.
More informationThree Big Global Questions
Three Big Global Questions Nick Kounis Head Macro & Financial Markets Research Marine Money Athens 14 October 2015 Will developed economies continue to recover? 2 US consumer making a comeback Job gains,
More informationGrant Spencer: Reserve Bank of New Zealand s perspective on housing
Grant Spencer: Reserve Bank of New Zealand s perspective on housing Speech by Mr Grant Spencer, Deputy Governor and Head of Financial Stability of the Reserve Bank of New Zealand, to Employers and Manufacturers
More informationTHE RESOURCES BOOM AND MACROECONOMIC POLICY IN AUSTRALIA
THE RESOURCES BOOM AND MACROECONOMIC POLICY IN AUSTRALIA Australian Economic Report: Number 1 Bob Gregory Peter Sheehan Centre for Strategic Economic Studies Victoria University Melbourne November 2011
More informationFinancing Poverty Eradication. Anis Chowdhury Australian National University University of New South Wales Australia
Financing Poverty Eradication Anis Chowdhury Anis Chowdhury Australian National University University of New South Wales Australia Outline Conceptual issues External financing Domestic resource mobilisation
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook
More informationNew Zealand Economic Outlook. Miles Workman June 2017
New Zealand Economic Outlook Miles Workman June 17 1 Economic Outlook Overview The New Zealand economy is forecast to expand at a solid pace over the next five years With real GDP growth around 3% in 17:
More informationEl Salvador. 1. General trends. 2. Economic policy. Most macroeconomic indicators for El Salvador worsened in Real GDP increased by
Economic Survey of Latin America and the Caribbean 2008-2009 173 El Salvador 1. General trends Most macroeconomic indicators for El Salvador worsened in 2008. Real GDP increased by 2.5%, two percentage
More informationFinancial Crisis and Global Recession: At a Turning Point?
Financial Crisis and Global Recession: At a Turning Point? Richard Newfarmer Special Representative to UN and WTO World Bank Geneva June 29,, 2009 Main messages Recession in the US now appears to be bottoming
More informationExport Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building
Export Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building 22-24 February 21 Debt Sustainability and the Implications
More informationKorean Economic Trend and Economic Partnership between Korea and China
March 16, 2012 Korean Economic Trend and Economic Partnership between Korea and China Byung-Jun Song President, KIET Good evening ladies and gentlemen. It is a great honor to be a part of this interesting
More informationWA ECONOMIC OUTLOOK Friday, 22 June 2012
WA ECONOMIC OUTLOOK Friday, 22 June 12 Summary: Western Australia has been an engine of growth for the Australian economy over the past few years. State final demand grew at an annual pace of 1.% in the
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains an analysis of our financial condition and results of operations for the nine months
More information