Australian economy set for continued growth

According to the OECD’s Economic Outlook report which was published yesterday, Australia is set to grow at just about the fastest pace in the developed world for decades to come. The report ranks Australia near the top for economic growth during 2012, behind South Korea, Mexico and Chile.

While Australia’s economy is set to grow at 3.1 per cent this year, close to the budget forecast, the US should grow at 2.4 per cent, Britain 0.5 per cent, and Italy and Greece should slide further into recession.

The report credits the mining boom with keeping Australia ahead of the pack

The report endorses the budget strategy of spreading the benefits of the boom, saying the decision to concentrate budget cuts on defence and foreign aid should ”limit the negative impact on activity”. It finds Australia’s combined state and federal government debt among the lowest of any member nation.

Projections to 2050 give Australia the highest growth rate in the developed world after Chile and Mexico. China is set to overtake the US as the world’s biggest economy in 2017. India and Indonesia will grow faster than China from 2020.

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