IMF forecasts strong growth for Australian economy: Treasurer

18:10, July 08, 2010      

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Treasurer and Deputy Prime Minister Wayne Swan said on Thursday the International Monetary Fund's (IMF) predicts Australia will be the strongest growing advanced economy has come on top of "stunning" job figures.

The latest Australian Bureau of Statistics showed the jobless rate was 5.1 percent in June, as the number of people employed grew by a much larger than expected 45,900.

"Today we had a stunning set of figures," Swan told reporters.

"We have created 350,000 additional jobs over the past year. That is a very good outcome for the Australian economy when there has been very difficult circumstances elsewhere.

"Compare this to what is happening to other countries with unemployment rates of 9 percent in the United States and elsewhere in Europe."

Swan said the IMF's forecast that Australia would be the best performing advanced economy meant continuing low unemployment and stronger jobs growth.

He added the strong growth would allow the government to fund vital reforms, including health reforms.

Source: Xinhua


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