Budget 2007-2008 Northern Territory Economic Overview
Tabled paper 865
Tabled papers for 10th Assembly 2005 - 2008; Tabled Papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT; Tabled Papers
2007-05-01
Tabled By Sydney Stirling
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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https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/283514
https://hdl.handle.net/10070/410859
Northern Territory 007-08 budget External Economic Environment Global growth is forecast by Consensus Economics to ease slightly to 4.7 per cent in 2007. Economic growth is expected to be strong in China, India and many South East Asian countries. Risks to the generally positive outlook include the possibility of inflationary pressures leading to further increases in interest rates and a greater than expected slowdown in the United States economy. Consensus Economics forecasts Australian GDP growth of 2.9 in 2007. ABARE forecasts mineral and energy exports to increase by 20 per cent to about $111 billion, with both value and volume increasing. Negotiations are proceeding with China, Malaysia, Japan, Chile and Korea for free trade agreements. GDP Growth (%) 2004 2005 2006 2007e 2008f North East Asia China 10.1 10.2 10.5 9.6 9.4 Korea 4.7 4.0 5.0 4.4 4.9 Japan 2.7 1.9 2.2 2.1 2.3 Taiwan 6.1 4.0 4.3 4.0 4.6 Hong Kong 8.6 7.3 6.5 5.1 5.0 South East Asia Philippines 6.0 5.1 5.0 5.4 na Indonesia 5.1 5.6 5.4 5.9 5.9 Malaysia 7.2 5.2 5.9 5.4 5.7 Thailand 6.3 4.5 4.6 4.8 5.0 Singapore 8.7 6.4 7.7 5.2 5.5 North America United States 3.9 3.2 3.3 2.4 3.0 Canada 3.3 2.9 2.7 2.4 2.9 Eurozone 1.8 1.5 2.8 2.3 2.1 Russia 7.2 5.5 6.5 6.5 na India 7.5 8.4 8.4 7.8 na Australia 3.7 2.8 2.5 2.9 3.2 New Zealand 4.4 2.1 1.7 2.1 2.8 e: estimate; f: forecast na: not available Source: Consensus Economics Consensus Forecasts (India: financial year reported); Russia, Philippines: International Monetary Fund GDP Growth (annual percentage change)