The latest Organisation for Economic Cooperation and Development (OECD) Economic Outlook has shown that Australia has been less affected by the global financial crisis than most other OECD countries.
The report forecasts the Australia economy will grow 0.8 percent in 2009, and 2.4 percent in 2010. This compares to the OECD-wide forecast showing member economies will shrink by 3.5 percent in 2009 before growing by 1.9 percent in 2010.
According to Treasurer Wayne Swan the report provides further evidence that Australia is outperforming the rest of the advanced world.
“Stimulus, both fiscal and monetary, has meant Australia has avoided the permanent skills and capital destruction that generally accompanies deep downturns and has meant less permanent damage to our economy,” Swan said in a statement.
However he warns that we are not out of the woods just yet and that there is still more work to be done.
“While Australia has come through the worst of the global recession in a stronger position than other advanced economies, we know that the job is far from finished and the challenges ahead will be just as difficult as those just passed,” he said.