Bleak Outlook for Australia’s Economic Growth in 2023: New Research
A new report has shown that Australia’s economic growth will continue to slow down amid the recent turmoil in the global banking system.
The Westpac-Melbourne Institute leading index rose slightly from -1.04 percent in January to -0.94 percent in February.
This is the seventh consecutive month that the growth rate has remained in negative territory.
The index tracks nine economic indicators, including consumer confidence, housing, stock market prices, money supply, and interest rate spreads, to predict the Australian economy’s direction in the next three to nine months.
A negative reading indicates that the economy is growing below the trend in the short term….