RBA Free Essay, Term Paper and Book Report
Let me begin by thanking the Australian Industry Group for the invitation to speak today on the subject of Economic Performance and Issues in 2003. I will approach the topic first by reviewing the international situation, and then looking at some issues for Australia.
International Developments
For the global economy the year 2002 was, broadly speaking, a year of modest recovery after the very weak performance of the previous year. Using growth in the G7 economies as a barometer for the global business cycle, the trough in the recent downturn occurred at the end of 2001. At that time, G7 growth on a year-ended basis dipped slightly below zero, the first negative result on this measure since the early 1980s. Last year, on currently available figures, growth picked up to just over 2 per cent, a better result but still below what was recorded during most of the 1990s.
But the important story of the past year is not so much this aggregate pick-up in growth as the changes in momentum that occurred during the course of the year. As we have described in recent quarterly Statements, the......
Word Count: 2067
Page Count: 8.2 (250 words a page / double spaced)
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