Western Australia Heads into Recession
Wednesday April 29, 2009
Western Australia's Chamber of Commerce and Industry expects its economy reduce to two per cent, down from 3.5 per cent in 2008/2009 making it the first time the state has recorded negative growth since the beginning of the decade."
"It is likely that economic conditions will deteriorate further the following year as the global recession further impacts the state's key export commodities,"CCIWA told Perth Now.
Treasurer Troy Buswell recently confirmed that WA looks as if it will head into recession for the first time in a decade.
Mr Buswell was reported on Wednesday as saying early Treasury predictions were in line with the business group's forecast.
"We're just finalising our estimates now but I think it's fair to say the State's economy will contract," ABC News quoted him saying.
CCIWA said WA's unemployment rate was expected to peak at five per cent during 2009/10.
If you would like to know more about employment in Western Australia you can visit Jobs in Perth.
