The Economy blog

A recent survey showed that the economy of Australia is continuously sliding as a result of the global financial crisis.

According to Westpac and Melbourne Institute, the economic activity of Australia only increased 0.3 percent during the month of March. And only during the first quarter of this year, the activity went down by more than 5 percent!

Experts said that they are expecting a slow growth in the economy of Australia in the following six to nine months. This is the point of view of the senior economist of Westpac, Matthew Hassan.

Australia had a weak foundation in 2009 (considering the index that was read in February). Aside from that, their 2008 also had a negative growth despite the shopping season during December.

The analysts as well as the economists from the Merrill Lynch and Bank of America are troubled with the outlook of Australians with the current situation of the economy. They warned people in this country that they should not be complacent with the poor conditions of the economy and that they should be aware of the impact of this worldwide dilemma.

It was not only the analysts who gave warning to the Australians. The OECD or Organization for Economic Cooperation and Development also gave their admonition at the same time. Recently, Australia is showing a decrease in the investments and having a rough time battling over the poor condition of the economy. Yet, they still manage to feel secure with what they have today.