Western Australia's key business group has substantially hiked its complete year economic growth forecast for the state, claiming that the next big boom is "just months away", and the region is on the verge of once again becoming "the envy of the nation".

In a report which is all set to be released by the WA Chamber of Commerce and Industry today, the group has changed its previous forecast of a 0.25% economic growth and replaced it with a new figure of 1.5% for the ongoing year. For the next year and one after that, the group is predicting economic growths of 5% and 6%, respectively.

With over $200 Billion of new projects already in the pipeline and the global economy recovering at a much faster pace than previously estimated, the WACCI has stressed that unemployment has already hit the peak and is now set to fall, business investment is back on track and exports are set to surge by 10% every year.

"The full effects of the upturn will start to really be felt in the second half of this calendar year. The impact of the financial crisis will still be felt in terms of our growth number this financial year, but thereafter we're heading into very strong territory", said CCI Chief Economist John Nicolaou.