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To: alan holman who wrote (27252)10/8/1997 12:07:00 PM
From: alan holman   of 28369
 
Australia faces recession due to Asian economic downturn: NIEIR

October 08, 1997
SYDNEY (AFX-ASIA) - Australia is facing a deep recession and an
unemployment rate of 11 pct as a result of what may prove to be a sustained
Asian economic crisis, the National Institute of Economic and Industry
Research (NIEIR) said in a report.
NIEIR said that Asia will be in serious economic trouble over the next
three to five years, with a number of countries on the verge of sustained
economic difficulty.
NIEIR executive director Peter Brain said an Asian crisis is now looming
and is a certainty.
"The crisis is coming and it will not be going away for many years,"
Brain said.
"It will effect Australia's major export industries, including all of the
agricultural sector and wheat, wool and beef as well as our iron ore, gold,
gas, steel industries and other export areas.
"Major job losses are inevitable because the Asian crisis will lead to
our exports stalling and a dramatic downturn in our economy."
Brain said NIEIR warned in March this year that Australia would be hit by
deep recession late in the year 2001, which will last up to two years.
He said the recession that will hit Australia will be the worst since
World War II with unemployment climbing to at least 11 pct.
Brain said the Asian economics crisis will contribute to the forthcoming
household debt crisis in Australia, with record numbers of Australians going
bankrupt.
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