IMF cites Australia as only advanced country to record positive growth in 200913 October 2009In its just released World Economic Outlook (WEO), the International Monetary Fund (IMF) has cited Australia as being the only advanced economy on track to record positive growth in 2009. Australia’s Treasurer, Wayne Swan, reports that the IMF has upgraded its forecasts for Australian growth, confirming that the Australian economy has outperformed all advanced economies during the global recession, with strong growth and lower debt and deficits than the major advanced economies. The IMF expects Australia to record a modest growth of 0.7 per cent in 2009 and 2.0 per cent in 2010. This compares to a collective contraction of 3.4 per cent for advanced economies in 2009. More information |