july 2002 territory economic review www nt gov au ntt overview the short term outlook for external demand is tail end of world downturn to continue dampen exports although conditions are already improving overseas recovery weak and will not boost australian until 2003 improvement in economy following sharp united states led slowdown major economies 2001 growth beginning pick up albeit from a low base consensus economics forecasts 1 7 per cent calendar year 3 0 including non japan asia dominates many asian slump consequential decline electronics affected malaysia singapore taiwan particular stronger also assist hong kong philippines thailand reviving sluggish has translated into revived domestic activity south korea indonesia australia some softening expected but on track record good over next
