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AUSTRALIAN ECONOMY SET TO GROW STRONGLY IN YEAR 2002.
SYDNEY, July 2 Asia Pulse - BIS Shrapnel has reported that the Australian economy is expected to grow strongly over calendar year 2002.
However, it is seen still weak for the remainder of this year, said.
The Economic Outlook report has shown that economic growth is expected to come in at around 3.3 per cent for the 2002 calendar period compared to just 2.1 per cent over 2001.
BIS said that the rebound in economic growth over the March quarter, which saw a 1.1 per cent rise over the three month period after a 0.6 per cent retraction in the December quarter, was mainly due to one-off factors and at best indicates that the economy is over the worst over the downturn.
The report said that consumer spending, which helped underpin the strong rise in the March quarter, was primarily related to borrowed, rather than saved funds.
"With interest rates near the bottom of the cycle, further increases in spending will be constrained ...
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