The Age from Melbourne, Victoria, Australia

THE ARE THURSDAY 6 NOVEMBER 1997. Glum forecast for economy, jobless By PHILLIP HUDSON, He said the biggest impact for economics correspondent, Australia would be the loss of Canberra exports for investment in Asia, Australia's unemployment rate predicted to drop sharply. would soar above 11 per cent, "The Asian economic crisis official interest rates double to will continue to seriously 10 per cent and the current undermine Australia's net trade account deficit leap to almost performance over the next $40 billion by 2000, an inde- three years," Dr Brain said. pendent economic forecaster "Some of Australia's major suffer said yesterday. commodity exports will Dr Peter Brain, from the dramatic falls in price and volNational Institute of Economic ume while our manufacturing and Industry Research, also and service exports will also be said the Asian economic crisis heavily affected." would slash 1 per cent from The report highlights iron Australia's economic growth ore, coal, gold, wheat, wool, this year and cost 60,000 jobs.

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