Professor Neville Norman of Melbourne University has provided an annual economic forecast for Business Essentials members for an unbroken 27 years, but says he can't remember one in which the outlook has been as bleak as the one he's compiled for 2012. The apparently unending European debt crisis, America's sluggish economy and a global lack of confidencewill all have their impact on Australia, despite our relatively strong position. The message for business is to consider your own situation carefully and develop alternative scenarios which you can implement as necessary. Don't look for a recovery until 2013 at the earliest.
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