Australia to avoid recession
In contrast with most other developed countries the Australian economy will continue to grow in 2009 according to The Organisation of Economic Cooperation and Development (OECD).
Growth next year will weaken from 2.5 per cent to an expected 1.7 per cent in 2009 before picking up to 2.75 per cent the following year.
“Despite the depressed international environment, the impact of the financial crisis and the fall in the terms of trade should be relatively contained,” the OECD said in its economic outlook.
The news for employment levels is however less encouraging with a figure of 6 per cent anticipated by 2010 however inflation should drop below the 3 per cent threshold.
(mortgage business)
Tags: Economy, Employment, Recession