Australia: Economic and Employment Outlook
2010-02-13
by goinglobal.com
Economic activity in Australia is centered along its eastern seaboard where most of the country’s population resides. The services sector generates the majority of the GDP, with finance, property and business services in the lead.
Australia’s GDP will fall by one percent this year, its deficit is expected to continue for the next year or so, and the Australian dollar will likely weaken. But, according to the Economist Intelligence Unit, the country is likely to endure ‘only a shallow recession’ as a result of recent economic measures, including an additional investment by the Australian government of 42 billion AUD (26 billion USD) on grants and infrastructure.
Australia’s national Net Employment Outlook is the weakest since the Manpower Employment Outlook Survey (MEOS) began in 2003. The survey of 2,779 employers across the country reports subdued employment prospects for Australia’s job seekers. Hiring is expected to decline by one percent. However, 66 percent of employers do not intend to make changes to their workforce, an increase of eight percent over last year. “The continuation of the current economic challenges is reflected in a downward trend in hiring intentions….However, the majority of employers will make no reductions to their current headcount, supporting our prediction of a ‘wait and see’ approach…” said Lincoln Crawley, managing director, Manpower Australia and New Zealand. Employers are using flexible workforce approaches in an effort to ride out the current recession and still be prepared for the economic recovery when it comes.
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