On 12th March, a healthy-sized collection of SCLAA (WA) members and guests were privileged to hear a breakfast address at the State Tennis Centre from Warren Hogan, ANZ’s Chief Economist on the prospects for the global and local economies. Warren has a great talent for presenting graphs and statistics in a captivating way; this briefing was no exception.
Among Warren’s observations was that:
Globally the appetite for financial risk is on the rise
The market is factoring in the best economic outlook for a decade
Commodity prices are likely to be stable for ten years
The US is still the largest global economy, with substantial ‘pent up’ capital waiting to be invested but the leadership is not necessarily inspiring economic confidence
China’s self -funded development is again gathering pace but inflation is under control
Europe’s traditional strong economies are still struggling, particularly France
2/3 of global growth in the next five years is expected to be in Asia
South Asia has a particularly high growth rate of the proportion of population that Is young
In WA population growth and innovation are likely to be key industry drivers. Mining and energy are not likely to continue however as the key economic drivers.
His tone was generally optimistic and conveyed the overall message that globally we are returning to more normal economic conditions.
As well as Warren’s excellent delivery, those present were treated to a hearty breakfast and plenty of networking opportunities. Thanks are due to both the organisers and ANZ for making the event possible.