JP Morgan cuts forecast for Australian economic growth, but kept in place upbeat expectations that the country's mining boom will continue to provide a solid base for the economy.
JP Morgan now expects Australia's economy to grow 2.7% in calendar 2012 from a previous forecast of 3.0%. It also trimmed its forecast for growth in 2013 to 3.0% from 3.3%.
Still, he also expects consumers will remain in a cautious mood, and that housing construction "will turn in its worst performance for more than a decade, as public spending is trimmed."
The Paris-based Organization for Economic Cooperation and Development this week lowered its forecast for growth in Australia in 2012 to 3.0% from 4.0%.
The A$1.4 trillion economy has become increasingly reliant on export growth and mining investment over recent years, with a vast array of other industries currently feeling the pinch of low consumer confidence and an elevated Australian dollar.
Source : Marketwatch.com
Twitter : @KedaiTrader
Facebook Fans : Kedai Trader
Website : www.kedaitrader.com
No comments:
Post a Comment