IMF cites favourable medium-term growth for Australia 1 October 2010 The International Monetary Fund (IMF) has cited favourable medium-term growth prospects for Australia in its just released ‘Mission Concluding Statement-Australia’. In its report, the IMF noted that ‘despite growth slowing during the financial crisis, Australia was one of the few advanced economies to escape recession in 2009’. ‘Real GDP is projected to grow by 3 to 3.5 per cent in 2010 and 2011, with private investment in mining and commodity exports leading the way.’ Dr Matthew Durban, Senior Trade & Investment Analyst at the Australian Trade Commission – Austrade – said that the IMF’s prognosis “attributes Australia’s success to a combination of the right policies at the right time in the right place. “Going forward, Australia is set to benefit from the trends of urbanisation and industrialisation in the emerging economies.” More information |