It was expected that during 2014 and 2015 growth in this group would pick up a bit, to a pace a little above average. In fact, growth for our trading partners has remained at about 4 per cent and is expected to stay there over the next couple of years.
To be sure, 4 per cent growth is faster than growth for the world economy as a whole, which is more like 3¼ per cent. It has been to Australia’s advantage that we have a high exposure, for an advanced country, to the faster-growing Asian region.