In the past, other countries have taken up to 20 years to move through this phase (Graph 13). It is likely that China, and more particularly India, will have strong demand for steel for quite some time yet. This, of course, would be a very favourable global environment for the Australian economy.
8  BIS Review 153/2010  Graph 13  The Australian economy Let me now turn to the Australian economy. As you know, our economy recovered relatively quickly from what was a shallow downturn following the global financial crisis, and over the past year has grown around its trend rate of 3¼ per cent (Graph 14).