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IMF upgrades Australia's growth forecasts, expects 2017 GDP at 3.1 pct

In its latest World Economic Outlook report published overnight, the International Monetary Fund (IMF) raised its growth forecasts for the Australian economy. The IMF upgrades Australian GDP to 3.1 percent for 2017, from 2.5 percent in 2016, and at 3 percent for 2018.

The IMF sounded much more optimistic than its review released in February, which characterised Australia’s outlook as “mediocre” and was also well ahead of Treasury’s mid-year budget review released before Christmas.

The IMF expects inflation to hit 2 percent this year, from 1.3 percent last year. The IMF predicts that Australia’s unemployment will drop from its current rate of 5.9 percent to 5.2 percent this year as economic growth rockets from 2.5 percent to 3.1 percent.

The fund has lifted its growth forecasts for the US, China, ­Europe, Britain and Japan, although it expects Australia to retain its position as the fastest growing economy among the 20 largest advanced countries.

“The global economy seems to be gaining momentum — we could be at a turning point,” said IMF's chief economist, Maurice Obstfeld.

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October 18 14:30 UTC Released

BRForeign Exchange Flows*

Actual

1.261 Bln USD

Forecast

Previous

0.980 Bln USD

October 18 13:00 UTC Released

RUReal Wages YY

Actual

2.6 %

Forecast

3.9 %

Previous

3.7 %

October 18 23:50 UTC 331331m

JPForeign Bond Investment

Actual

Forecast

Previous

89.2 Bln JPY

October 18 23:50 UTC 331331m

JPForeign Invest JP Stock

Actual

Forecast

Previous

1235.3 Bln JPY

October 18 23:50 UTC 331331m

JPExports YY*

Actual

Forecast

14.9 %

Previous

18.1 %

October 18 23:50 UTC 331331m

JPImports YY*

Actual

Forecast

15.0 %

Previous

15.2 %

October 18 23:50 UTC 331331m

JPTrade Balance Total Yen*

Actual

Forecast

559.8 Bln JPY

Previous

113.6 Bln JPY

October 19 00:00 UTC 341341m

KRBank of Korea Base Rate*

Actual

Forecast

Previous

1.25 %

October 19 00:00 UTC 341341m

ID7-Day Reverse Repo*

Actual

Forecast

4.25 %

Previous

4.25 %

October 19 00:00 UTC 341341m

IDDeposit Facility Rate*

Actual

Forecast

3.50 %

Previous

3.5 %

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