Fed: Economist survey shows best and worst of Aust economy
CANBERRA, Feb 11 AAP - There was good and bad news about Australia's economy todayin the latest survey of 13 global forecasters by The Economist magazine.
Australia still led the list of 16 industrialised economies in GDP growth expectations,with the magazine's forecasters predicting an average 3.3 per cent growth in 2002, upfrom 3.2 per cent the previous month.
This was easily ahead of second-placed Britain with 1.9 per cent average growth expected(from 1.8 per cent).
But Australia was also tipped to have the highest consumer price index rise at 2.4per cent, equal with the Netherlands.
Australia's current account deficit was also at the wrong end of the table; at 2.9per cent of GDP, it was the second worst after the United States (4.1 per cent of GDP).
More encouraging, however, were the stronger signs of optimism emerging about the stalledUS economy.
Predictions for US growth in 2002 were revised up to an average of 1.2 per cent thismonth, from 0.7 per cent previously.
"If correct, this means that America will again outpace the Euro area where GDP isforecast to grow by only 1.1 per cent in 2002," the magazine said.
The monthly survey showed GDP growth expectations were steady or had improved in 15of the 16 economies listed.
Only Japan's economy was expected to worsen, with an average decline of 1.3 per centtipped, from 1.2 per cent previously.
AAP jph/daw/apm/bwl
KEYWORD: ECONOMY
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