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Favourable Future Forecast for Australia’s GDP with the OECD Predicting a Four Percent Rise in 2012

Canberra, ACT (News4us.com) November 23, 2010

Favourable Future Forecast for Australia’s GDP with the OECD Predicting a Four Percent Rise in 2012

Favourable Future Forecast for Australia’s GDP with the OECD Predicting a Four Percent Rise in 2012

In its just released Economic Outlook (No 88), the Organisation for Economic Co-operation and Development (OECD) has forecast that Australia’s GDP will grow by four per cent in 2012.

Growth of 3.3 per cent is forecast for 2010, and 3.6 per cent in 2011.

Australia’s Deputy Prime Minister, Wayne Swan, said that the OECD Economic Outlook “confirms Australia’s economy continues to be one of the best performing in the developed world with enviable growth and unemployment forecasts.”

Mr Swan said that the growth outlook for Australia is one of the report’s strongest.

“Australia’s GDP growth is forecast to outstrip the OECD total and grow more than twice as fast as the Euro zone and Japan in both 2011 and 2012,” said Dr Matthew Durban, the Australian Trade Commission’s Senior Trade & Investment Analyst.

“Australia’s growth is therefore going against the trend in the OECD for developed nation growth to deteriorate next year,” he said.

“The need to strengthen supply capacities and infrastructure, driven in part by the mining boom, should attract significant foreign and domestic investment in Australia over the period,” Dr Durban said.

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