Australia may get lucky and avoid a recession in 2009, although some analysts say possible further downgrades of state sovereign credit ratings could affect confidence in the broader economy.

The world's premier economies of the US, Japan and Germany are already in recession, along with 11 other industrialised countries that contracted last year.

But CommSec chief economist Craig James says Australia could enjoy its 18th consecutive year of growth as big interest rate cuts and Federal Government stimulus programs support the economy.

"While the global downturn is far bigger than the 2001 slowdown, it is not out of the question that Australia could avoid recession yet again,'' Mr James said.

"No other country has received the same economic boost from all three factors - government spending, lower interest rates and a cheaper Aussie dollar.