Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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Regional Economic Environment In 1996 East Asia experienced the fastest rate of growth of any region in the world, continuing a trend which has been evident for the past decade. The combined countries of East Asia grew by more than 7% in 1996. This was about three times as fast as North America and 4 times as fast as Europe. East Asia incorporates North East Asia, including China, Japan, South Korea, Taiwan and Hong Kong; and South East Asia, primarily the countries of the Association of South East Asian Nations (ASEAN). Darwin is closer to Jakarta than it is to either Sydney or Melbourne, while Singapore, Kuala Lumpur, Manila and Brunei are not much further away. As a result of its location on the rim of Asia, the Northern Territory is in a position to contribute to and benefit from the rapid growth of this region. The Territorys neighbours and trading partners in East Asia range from small, highly developed countries like Singapore and South Korea to large, less developed countries like China and Indonesia. 0 2 4 6 8 10 Northern Territory* Japan Australia Three Dragons ASEAN Northern Territory# China Source: ABS Cat. No. 5206.0, 5242.0, Asia Pacific Consensus Forecasts, Asiaweek % Real Economic Growth in 1996Figure 4.1 * Gross State Product # State Final Demand 21

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