Australia’s economy is a tower of strength

Australia’s economy is a tower of strength after two respected international reports confirmed it continued to lead the developed world.

The first from the International Monetary Fund added its weight to mounting evidence that Australia was powering ahead of its rivals during the worst downturn since the Great Depression.

It yesterday upgraded its outlook for the Australian economy, tipping it to retreat by only 0.5 per cent this year before growing by 1.5 per cent next year. It earlier forecast a contraction of 1.4 per cent.

The report followed an Organization for Economic Co-operation and Development report that commended the Government’s stimulus measures. “We are currently, among the major advanced economies, having the fastest growth. We are also having the second-lowest unemployment levels and the lowest debt,” Prime Minister Kevin Rudd told Parliament.

Chris Evans, the immigration minister, recognizes the value of maintaining an ongoing skilled migration program for Australia. This is because at least Australia will have skilled workforce and labour to support its economy as it continues to rise on the path to success.

Going in accordance with the survey of around 7,500 business people of 24 nations conducted by The Australian, Australia is found to be the topmost country to fight recession the best.