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RIM has forecast Australia’s GDP to grow by a modest 0.4 per cent in 2018.
Advertisement It has forecast the economy will grow by 0.1 per cent next year and by 0,4 per c. in 2019, compared with its 2016 forecast of 0.7 per cent growth.
It said that despite the softness in the global economy, the economy is in “the early stages” of recovering from the global financial crisis, which affected much of the economy.
“The recovery has started, and we’re looking at it as a very, very early stage,” chief economist at RIM Jim McGregor said.
“It’s hard to get a firm sense of the pace of growth, but I think we’re getting close.”
Mr McGregor said that Australia’s growth was still “somewhat sluggish”, partly because of the global slowdown, but also because of a lack of foreign direct investment (FDI) in the country.
“This year is a bit of a wake-up call for investors in Australia, given the fact that there is a lot of investment out there, including from China and others,” he said.
“A lot of that investment is from emerging markets, and so the Australian economy is going to be slower than most other countries in the world in terms of its ability to attract investment.”
The Reserve Bank also forecast Australia will add more than 1 million jobs by the end of 2019, the strongest gain in the nation’s history.
The economy will expand by 0 to 2.5 per cent over the year and then 2.3 per cent through 2020.
The Reserve said it expects that growth to average around 2 per cent annually over the next two decades.
“We believe the global economic environment will continue to tighten over the coming years, and the Reserve’s view is that we are on track to have further growth,” Mr McGregor said in a statement.
“While there is still a lot to do, our forecasts for economic growth over the medium term and beyond, including for the year ahead, are broadly similar to those for the prior decade.”
So we’re seeing the economic recovery that we forecast for the end in full swing.
“The economy is expected to grow at an average annual rate of 2.7.8 per cent, up from 2.6 per cent last year.”
As we enter the final years of the recovery, our economy will continue the strong trend in growth and job creation,” Mr McMillan said.
Topics:business-economics-and-finance,industry,wealth-and -perth-6000,york-city-university-sydney-2000,australiaFirst posted March 01, 2019 11:51:06Contact Gina PrenticeMore stories from New South Wales