19 January 2009
South Australia's economy will grow despite Australia's slowdown: report
According to a report released by Access Economics, South Australia will continue to grow despite the rest of the country showing signs of recession, reports Adelaide Now.
The report predicts South Australia's economy would continue to grow by 2.3 per cent this financial year, by 2.9 in the 2009-10 financial year and by 3.8 per cent the year after.
"That means South Australia's share of Australia's economy is likely to climb more notably and sustainably in the next few years than it has done at any time since the 1960s," the report said.
According to the report, South Australia's two biggest export earners – wine and education – are the primary reason for the stability, and both sectors would begin to benefit from the falling Aussie dollar. Further, those who move to Australia would be attracted to South Australia's expanding economy, bringing with them skills and economic contributions to the local community.
"Although the global wine market is taking a hit, Australia is well positioned to raise its market share," the report says. "Ditto the market for overseas students, with South Australia doing particularly well in recent years thanks to strong demand from Chinese, Indian and Malaysian students."
The number of international students from China, India and Malaysia has continued to increase over recent years; in particular, in the past five years the number of Indian students on an Australian student visa increased from 13,000 students to 85,026, showing a massive upsurge in the trend to choose Australia over any other international destination, reports Daily News and Analysis.
The Australian Visa Bureau is an independent consulting company specialising in helping people with emigrating to Australia.
Article by Jessica Bird, Australian Visa Bureau.