CBS Marketwatch reports: Australia's leading growth index falls to 26-year low.
A leading economic index for Australia fell in February to its weakest level in more than two decades, pointing to a possible heavy contraction for the nation's economy, according to data released Wednesday.
The headline month-on-month rate contracted 0.3% in February from January to an annualized rate of 5.1%.
Westpac now expects the Australian economy to contract by 1% in 2009 -- the first time it would do so since World War II, according to chief economist Bill Evans. But Westpac also predicted that will be the low point of the cycle.
So it's currently contracting at 5.1% (annualized) and you expect some "magic" to temper it to 1% over the rest of the year?
Care to share what this "magic" will be?
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