Magazine article Business Asia

NSW: A Competitive Edge

Magazine article Business Asia

NSW: A Competitive Edge

Article excerpt

The 1999-2000 New South Wales Competitiveness Report is about to be released.

Following are some of the key points in the report regarding the New South Wales and Australian economies.


The strength of the Australian economy vis-a-vis the Asia-Pacific region was demonstrated by its ability to retain a high GDP in 1998 relative to other countries in the region despite the Asian "meltdown". Between 1996-97 and 1997-98, the Australian economy grew from A$532 billion to A$557 billion. Australia's GDP in 1998 was larger than that of South Korea, Taiwan and Hong Kong, while the NSW economy surpassed that of Thailand and Singapore.


The Australian economy grew strongly between 1996-97 and 1997-98. Australia's growth rate (4.6 per cent) was below that of China and Taiwan but significantly higher than that of the United States, the United Kingdom and Singapore. The 1998 calendar year saw marked contractions in economic growth in Japan (-2.8 per cent), Hung Kong (-5.1 per cent) and South Korea (-5.5 per cent) with a major fall in Indonesia (-13.7 per cent). The NSW economy also grew by 4.1 per cent in 1997-98.


Between 1996 and 1997, there was a slight reduction in purchasing power in Australia but a marked fall in such countries as Singapore, Malaysia and China. The highest increases were experienced by Taiwan and Japan.


Comparing real changes in domestic wealth in NSW and Australia over the past seven years shows a steady increase in income per capita both at State and national level, despite a slight fall between 1995-96 and 1996-97. The NSW income per capita in 1997-98 again showed strong growth based on the continuing robustness of the domestic economy.

FINAL DEMAND: 1998-1999

Real growth in the NSW economy between 1996-97 and 1997-98 was 4. …

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