Indeed, there is a large body of opinion that says we are destined to follow where others have led. Table 2 Growth and Inflation in 2001 per cent, year-to-date annualised.
GDP Growth  CPI Inflation  United States  0.2  2.1  Canada  0.5  1.8  Euro Area  0.9  2.5  United Kingdom  2.1  1.5  Australia  4.0  3.0  I suppose that is the question that has been on everyone’s lips for quite a few months – if the world economy goes into a recession, as the United States and Japan have done and much of the rest of the world seems to be doing, does that mean that Australia has to follow?