Australia named as a world leader in global recovery 9 July 2010 The latest update of the International Monetary Fund's World Economic Outlook has named Australia as a world leader in the global recovery. “Australia has stronger growth, lower unemployment and much lower debt than other advanced economies,” said the Australian Treasurer and Deputy Prime Minister, Wayne Swan. The IMF has forecast that the Australian economy will grow by 3.0 per cent in 2010 and 3.5 per cent in 2011, giving it a stronger outlook than that of the advanced economies as a whole. Australia is expected to return to surplus in 2012-13 – three years ahead of schedule and well ahead of any major advanced economy. Mr Swan said that the Australian economy is well placed to benefit from the country’s proximity and links to Asia, the world's fastest growing region. Dr Matthew Durban, Senior Trade & Investment Analyst for the Australian Trade Commission – Austrade – said that economic activity in the region has been sustained by robust growth in exports and strong private domestic demand. “Australia continues to capitalise on its geographic position and resource investment advantage,” Dr Durban said. “Nevertheless, the pace and drivers of growth will continue to be uneven across the region as many Asian economies are highly dependent on external demand, notably from Europe and the United States.” Dr Durban noted that the 2009 investment figures which the Australian Bureau of Statistics will release in a few weeks “are expected to reflect steady growth in foreign direct investment from Asia, and China in particular.” More information |