AS per the OECD's Economic Survey, Australian economy is robust
and faces a solid short-term outlook, but it must continue adapting to ensure
that its privileged place in the Asia-Pacific region contributes to long-term
sustainable growth.
The report recognises the strong performance of the
Australian economy and its resilience to the global economic crisis. It notes,
however, that activity has moderated with GDP expected to grow by about 3 ¾% in
2012 and by about 3% annually over the 2013-14 period.
“Australia’s long
period of uninterrupted economic growth makes it the Iron Man among the OECD
countries,” said OECD Secretary-General Angel Gurría said. “The rise of Asia has
driven Australian natural resource exports and is providing enormous new
opportunities for the agriculture, education and tourism sectors, but it has
also imposed significant challenges and strains. The strong Australian dollar
resulting from the mining boom is imposing considerable structural changes on
the economy,” Mr. Gurría said.
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