Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

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.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

April 20 14:00 UTC Released

EZConsumer Confid. Flash

Actual

0.4 %

Forecast

-0.2 %

Previous

0.1 %

April 20 12:30 UTC Released

CACPI Common

Actual

1.9 %

Forecast

Previous

1.9 %

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 126445126445m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 126445126445m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 114625114625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.