October 1, 2009
Australian Treasurer Wayne Swan said on Thursday the International Monetary Fund's (IMF) latest economics forecasts highlighted the "considerable challenges" facing the global economy.
In its latest World Economic Outlook, the IMF lifted its 2009 forecast for Australian gross domestic product (GDP) to growth of 0.7 percent, from its previous estimate for a contraction of 0.5 percent.
Australia is the only advanced economy expected to grow this year.
In 2010, the IMF sees local economy expanding by 2 percent, compared to its previous estimate for growth of 1.3 percent.
"Our economy has outperformed all advanced economies during the global recession, with stronger growth and lower debt and deficits than the major advanced economies," Swan said in a statement.
The global institution also raised its projections for world growth, but warned risks to the outlook remained on the downside.
"As the global policy support is gradually phased down over time and the inventory rebuilding progressively loses its momentum, private demand will need to gain momentum to sustain the recovery," he added.