AAP reports that the UN's Economic and Social Commission for Asia and the Pacific (ESCAP) said Australia's range of reforms in recent years had helped it endure the economic downturn experienced elsewhere in the world.
The Australian economy is forecast to expand by 3 per cent this year, rising to a forecast 4.1 per cent in 2003 before easing back to 3.6 per cent in 2004. This was ahead of forecast world growth of 1.5 per cent.
Raj Kuhman, a division director with ESCAP's Bangkok office, said Australia had benefited from its diversified economic base.
This was compared with Asian regional economies such as Singapore, which relied heavily in information technology exports in recent years and where exports had declined markedly during the slowing global IT market.
Not only that, but the UN sees Australia as the best perfomer in the Asia Pacific and well poised for the economy to take off well after the global slowdown ceases.
Top marks also for Australia's structural reforms, "...leaving Australia well prepared to cope with adverse external shocks..."
The report also noted how Singapore had suffered due to its heavy reliance on information technology exports in the last few years (one of the key factors in Singapore's resiliance during the Asian crisis.. Eds.)
Published April 28, 2002 11:14 PM in Australia New Zealand
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