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Australia strongest performing advanced economy in the world

Australia strongest performing advanced economy in the world

4 November 2009

According to the Government’s 2009-10 Mid-Year Economic and Fiscal Outlook, Australia’s performance has been the strongest of the world’s advanced economies.

The Mid-Year Outlook forecasts higher growth, lower unemployment, lower debt and lower deficits than expected with the Australian budget was put together earlier this year.

Australian Treasurer Wayne Swan says the improved economic outlook reflects the effectiveness of monetary and fiscal stimulus in Australia, as well as the stronger global recovery, having boosted confidence by more than expected.

The government aims to return the Budget to surplus as the world economy recovers, which will ensure the net debt remains considerably lower than any major advanced economy.

The stimulus that was introduced to moderate the downturn and support activity and employment during the recession is expected to have long lasting benefits, having resulted in less capital and skill destruction during the downturn, therefore less permanent damage to the economy.

The resilience of the Australian economy is also enhanced by its proximity to and close relationships with the strong economies of Asia.

Indeed, the International Monetary Fund (IMF) reported that the Asia-Pacific region is “outpacing other parts of the world, with the ‘green shoots’ of recovery appearing earlier and taking firmer root than elsewhere".

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