Bright economic future for Australia
In its latest economic outlook, the OECD has forecast Australian growth of 3.1% in 2012 and 3.7% 2013.
“Australia’s economic fundamentals remain strong, with our economy expected to grow more strongly than every single major advanced economy over the next two years, “ said Treasurer Wayne Swan.
By contrast the OECD forecasts a muted and fragile recovery in many other advanced economies, largely due to the lingering effects of past global turmoil and very challenging economic conditions facing Europe.
The OECD endorsed the Australian government's plan to tighten fiscal policy, saying that "restoring fiscal leeway while macroeconomic conditions are still favourable, and the terms of trade high, is welcome." Australia's combined state and federal government debt is among the lowest of any OECD member nation.
Projections to 2050 give Australia the highest growth rate in the developed world after Chile and Mexico.
The OECD also expects that Australia’s unemployment rate will remain substantially lower than the 7.9% unemployment rate expected for the OECD as a whole in 2013, and around half of the 11.1% forecast for the euro area in that year.
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