WA Economic Outlook - forecasts and drivers of growth
- After recording its highest rate of growth in almost a decade, Western Australia’s economy is forecast to slow in coming years.
- The slowdown is expected to occur as production from key export industries stabilises and households tighten their belts in response to interest rate rises.
- Government investment will remain strong for the next few years as the State Government’s record asset investment program is delivered, which will mean that some Local Governments may still feel the impacts of competing for labour and materials on major projects.
In a year of significant economic challenges both globally and locally, WA’s economy has been strong and is expected to grow 4.25% in 2022-23, the highest since 2013-14. However, WA Treasury forecasts in the May State Budget show WA’s economy will slow in coming years.
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