2015 Economic Outlook

Posted on: Tuesday, 10 February 2015 at 12:45:40 PM

AICC(WA) 2015 Program Brings Economic Outlook to Life

The Western Australian market has never been as exposed to global economic influences as it is today.  Local trading conditions are competitive and volatility is evident within some traditional market sectors.  At the same time, there has never been a better time or greater opportunity for Western Australian entrepreneurship to flourish.  Development of technology, access to new markets, availability of venture capital, and a proliferation of new industries are all assisting to transform our business culture.  By necessity, a slow-down of the resources sector has forced the acceleration of alternative markets. 

The AICC(WA) is a Chamber of influence.  During 2015 your relationship with the AICC(WA) can bring your business the qualitative difference.  Access to unparalleled business networking, the sourcing of new technologies and business opportunities from Israel, and events profiling business excellence will continue to feature in our program.

According to the latest OECD annual report, Israel is the 4th most attractive country for foreign direct investment (FDI) per Growth Domestic Product (GDP) – 4% of GDP, compared to 1.6% of foreign direct investment per GDP in the top 16 economies.  The OECD has reported that between 2010 and 2014, Israeli employment rose 13% compared to the OECD average of 2%. The employment rate for Israeli women was 6.5% higher than the OECD average.

It is however analysis of a twenty year outlook that effectively defines Israel’s coming of age as a flourishing modern economy.  Israel's GDP surged from ‎‎$30 billion in 1984 to $300 billion in 2014 (per capita GDP rose from $7,000 to ‎‎$38,000 during this time).  The budget deficit to ‎GDP ratio decreased from 17 percent to 3 percent whilst Israel’s foreign ‎exchange reserves swelled from $3 billion to $89 billion.  Exports receipts rose from $10 billion to ‎‎$90 billion, research and ‎development expenditures to GDP ratio grew from 1.3 percent to 4.2 percent (amongst the highest in the world) and the ‎population of Israel grew from 4.1 million to 8.2 million.

There is much that Western Australia can learn from Israel’s economic transformation.  Our 2015 events program, Israel trade delegations, and Outreach business matchmaking continue apace.  We welcome your participation and look forward to bringing new ideas and opportunities to your business through our ongoing activities. 

John Cluer, Chief Executive

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