IMF upbeat on Australian economy
9 August 2011
The International Monetary Fund (IMF) has given a positive assessment on the Australian economy in its latest report.
The IMF predicts Australia’s gross domestic product (GDP) to be at 3.5% in 2012 and employment to remain below 5% through the year.
The report notes Australia’s historically-high terms of trade, reflecting ongoing strong demand from Asian countries, particularly China. It also explains how economic stability is also boosted by prudent fiscal policy and structural reforms in areas such as taxation.
The Australian economy, whilst not immune from global economic shocks, has recovered relatively well from a difficult first quarter which saw natural disasters impact many industry sectors.
The IMF also notes how foreign direct investment into Australia and the country’s increasing export capacity will allow debt levels to be served, among other benefits.
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