IMF Forecasts Australian Economy to Bounce Back

Australia is predicted to outperform all major advanced economies this year after forecasts from the International Monetary Fund (IMF) World Economic Outlook noted the Australia’s economy would grow by 4.5 percent in 2021 and 2.8 percent in 2022, after contracting by 2.4 percent in 2020. The world economy is forecast to grow by 6 percent in 2021 and 4.4 percent in 2022, compared with the previous forecasts of 5.5 percent and 4.2 percent made in January. “What this report confirms is that we’ve outperformed all major advanced economies over the last year,” Treasurer Josh Frydenberg said on Wednesday. “They’re still a long way to go, but Australians can see the light at the end of the tunnel.” The Treasurer also revealed in a press release that the next stage of the Morrison Government’s Economic Recovery Plan would “support private sector activity through a number of measures including tax cuts, unprecedented business …

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