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Australia’s economic growth revised up
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AUSTRALIA’S ECONOMIC GROWTH REVISED UP
Australia’s economic growth forecasts have been revised upwards by the International Monetary Fund, underlining the fact that Australia had outperformed the developed world during the global recession.
IMF upgraded its 2010 growth forecast for Australia by 0.5 per cent to 2.5 percent, compared with its last assessment in October, and said that growth would accelerate to 3 per cent next year. This was considerable stronger than the recovery forecast for other advanced economies.
The IMF’s mission chief for Australia, Ray Brooks, said the recovery was led by an increase in domestic demand and continued strong income from commodity exports such as iron ore and coal.
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The Australian
