Asia & Oceania Award Winners
policies very loose. It will be good for growth this year but it does raise the risk of problems down the road.” Australia will maintain relatively fast rates of
economic growth in comparison to many of the other
increase reached a four-year high. This is the highest
increase in GDP since March 2008, when the economic recession began.
Statistics New Zealand (SNZ) said that GDP increased
advanced economies, despite the fact that the approach-
2.5 % in the 12 months to December 2012. Nearly all eco-
growth prospects. The real GDP is expected to increase
retail and construction, saw an increase during the last
ing peak in resource investment will slow the country’s
by almost 3% annually through 2014, after increasing by 3.6% in 2012, which was the strongest pace of expansion over the past five years.
The services sector is still the largest part of the
Australian economy, accounting for 70% of GDP and
nomic sectors, including agriculture, forestry and fishing, quarter of 2012. After a late surge in the last quarter of the year, when GDP increased 1.5%, the annual growth figure
was reached. This was significantly above market expectations of 0.9 %.
The country was officially in recession from early 2008 to
75% of jobs. Though, the resources sector continues to
mid-2009. But, with growth rates remaining low, the impact
well, which reflects the gradual recovery of the Chinese
earthquake, which levelled the country’s second largest
drive the economy. Exports in this sector are performing economy. China purchases almost 30% of Australian
exports. This strong demand is counterbalancing the
impact of economic weakness in Japan, which purchases around 20%. In addition, major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will
of the downturn remained for years. The Christchurch
city in February 2012, stifled growth even further. However, a multi-billion dollar rebuilding programme in the
city is now providing some development to the construction sector.
A drought affecting the North Island is likely to affect the
significantly expand this sector.
growth of the economy in 2013. Finance Minister Bill England
formed into an industrialised, free market economy that
weather hits the dairy industry, the country’s biggest export
Over the past 20 years, New Zealand has been trans-
can compete globally. In 2012, New Zealand’s economic
said that the drought could shave 1% growth this year as dry earner.
Contents: Price Sierakowski
Capital Markets Law Firm of the Year in Australia
46.
Fisher Adams Kelly
Editor’s Choice - Patent Law Firm of the Year in Australia
47.
Davies Collison Cave
Trademark Law Firm of the Year in Australia
47.
Hylands Law Firm
Client Choice - Commercial Arbitration Law Firm of the Year in China / Client Choice - M&A Law Firm of the Year in China / Editor’s Choice - Trade Law Firm of the Year in China / TMT Lawyer of the Year in China / Trademark Lawyer of the Year in China
48.
Peksung Intellectual
Prosecution Law Firm of the Year in China
48.
Property Ltd.
44
Legal Awards 2013