For these reasons, as our recent Statement on Monetary Policy made clear, some of the pessimism about the United States, and hence the world economy, that existed a few months ago has waned. The question may soon be, not whether there is an upturn, but how strong and durable it will prove to be.
At this stage, that is unclear, and it probably will remain so for a while. Implications for Australia It is well recognised that the Australian economy has been quite resilient in the face of the global recession. Growth through the first three quarters of 2001 ran at an annualised rate of 4 per cent.