OECD forecasts increased economic growth for Australia 25 May 2012 In its just released May 2012 Economic Outlook, the OECD (Organization for Economic Cooperation and Development) has predicted that Australia’s economy will grow by 3.1 per cent in 2012 and 3.7 per cent in 2013, after a growth rate of 2.2 per cent in 2011. The 2013 projected growth rate was revised upward from the OECD’s previous estimate (3.2 per cent) in November 2011. Australia's latest projected growth is well above the OECD average of 2.2 per cent, with the Euro area at 0.9 per cent, the US at 2.6 per cent, the UK at 1.9 per cent and Japan 1.5 per cent. The OECD data showed that Australia is the only major country among the wealthier nations to have avoided recession during the global financial crisis. More information |