IMF Lowers Grading of Australian Economy

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  • International Monetary Fund has predicted lower growth of Australian Economy by 2.2% instead of regular 3% as projected at the beginning of current year.
  • In the year 2018 it may recover to the extent of 2.9%.
  • Due to bad weather by cyclone Debbie in March 2017, in the region, mining exports were badly affected. Moreover, labour dispute was also one of the reasons for lower output of coal and its exports.
  • Investment in the Housing sector was also not up-to the mark resulting therein slow growth of the economy.
  • IMF has suggested to take the opportunity of low rate of interests and deal with the deficit persisting in the Infrastructure Sector of the Economy.
  • Utmost care is required to be taken for upgradation of surface transportation like high speed rails, ports, technologies of telecommunication, broadband services and green initiatives.
  • Product and labour market reforms needs to be looked into by increased employment and productivity.
  • Observation to the reforms in a cautious note for the economy to pick up must be the best policy for Australia for investment to pick up with increased production and higher employment opportunities.
  • Australian currency has also been affected by the present circumstances.
  • Australia had been on a continuous growth chart for the last 26 years.

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