Australia strongest performing advanced economy in world 4 November 2009 Australia is the strongest performing advanced economy in the world, the Australian Treasurer, Wayne Swan, said on the release of the Government’s 2009-10 Mid-Year Economic and Fiscal Outlook (MYEFO). The Mid-Year Outlook also forecasts lower unemployment, higher growth, lower deficits and lower debt than expected at the time the Australian budget was put together earlier in the year. Mr Swan said that the improved economic outlook reflects the effectiveness of monetary and fiscal stimulus in Australia, as well as the stronger global recovery. “Fiscal stimulus and low interest rates have bolstered confidence by more than expected and set a solid platform for recovery,” he said. He added that the Australian economy is now expected to grow by 1½ per cent in 2009-10 and 2¾ per cent in 2010-11, while the unemployment rate is forecast to peak at 6¾ per cent in the June quarter 2010. The resilience of the Australian economy is further enhanced by the country’s close proximity to the powerhouses of Asia. The International Monetary Fund (IMF) has reported that the Asia Pacific region is ‘outpacing other parts of the world, with the “green shoots” of recovery appearing earlier and taking firmer root than elsewhere.’ More information |