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Australia's Economy Overtakes South Korea to be Fourth Largest in Asia-Pacific

Data Alert: 14 April 2008

Australia continues to be one of the strongest economies in the world and occupies a unique position in the fastest growing region in the world – the Asia-Pacific, according to the World Economic Outlook released by the International Monetary Fund (IMF) in April. The Fund revised global growth for 2008 downwards, improving marginally in 2009. For the USA, the IMF forecasts a mild recession in 2008 with only a modest recovery in 2009, while it remains relatively upbeat about Australian economic prospects. The Fund expects Australia to grow by 3.2 per cent this year and 3.1 per cent in 2009, well above the IMF’s average growth outlook for advanced economies of 1.3 per cent in both 2008 and 2009.

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