Qld’s major trading partners heading backwards
Published Sunday, 15 February, 2009 at 10:58 AM
Treasurer
The Honourable Andrew Fraser
The deterioration of the global economy will see the growth of Queensland’s major trading partners contract by 0.7% in 2009.
Treasurer Andrew Fraser said the figures were sobering but not surprising.
“Queensland is used to looking outwards at the global economy as a sea of opportunity. Now it’s a sea of red,” Mr Fraser said.
“Across the board, Queensland’s major trading partners are either in recession or entering recession.
“Their forecast contraction of 0.7% is the lowest rate recorded since the series began in 1998.
“The swirling circumstances of the global downturn are changing rapidly for the worse.”
Mr Fraser said the forecast is down on the 0.4% growth predicted in January.
“Queensland’s largest trading partner, Japan, is now deeply in recession, along with the US, UK and South Korea.
“For Queensland, it means that as their economies contract, demand for our exports will decline.
“This will inevitably effect the growth of our own economy.
“That’s the why we made the decision to maintain our $17 billion capital works program for this financial year. Building schools, hospitals and roads will keep Queenslanders in jobs.
“Our capital works program alone will account for 1% of our growth.
“These are difficult times, but Queensland is well-placed to ride out the worst of it.”
Media Contact: Treasurer's Office - 0437 837 976
Treasurer Andrew Fraser said the figures were sobering but not surprising.
“Queensland is used to looking outwards at the global economy as a sea of opportunity. Now it’s a sea of red,” Mr Fraser said.
“Across the board, Queensland’s major trading partners are either in recession or entering recession.
“Their forecast contraction of 0.7% is the lowest rate recorded since the series began in 1998.
“The swirling circumstances of the global downturn are changing rapidly for the worse.”
Mr Fraser said the forecast is down on the 0.4% growth predicted in January.
“Queensland’s largest trading partner, Japan, is now deeply in recession, along with the US, UK and South Korea.
“For Queensland, it means that as their economies contract, demand for our exports will decline.
“This will inevitably effect the growth of our own economy.
“That’s the why we made the decision to maintain our $17 billion capital works program for this financial year. Building schools, hospitals and roads will keep Queenslanders in jobs.
“Our capital works program alone will account for 1% of our growth.
“These are difficult times, but Queensland is well-placed to ride out the worst of it.”
Media Contact: Treasurer's Office - 0437 837 976