Recently, the latest economic report released by the Organisation for Economic Co-operation and Development (OECD) indicates that Australia has begun a comprehensive economic recovery due to its early victory over the pandemic, with the pace of economic development accelerating following vaccination.
Australia's economy is expected to achieve the fastest growth in a decade
The OECD predicts that Australia’s economy is expected to achieve its fastest growth in a decade. In December of last year, the OECD forecasted that Australia’s economy would grow by 3.2% by 2021. In the latest report, the OECD revised its forecast, estimating that Australia’s economy will grow by 4.5% in 2021, and by 3.1% in 2022.
The last time Australia’s GDP grew this quickly was between 2010 and 2011, when the Australian economy emerged from the global financial crisis amid low interest rates and a mining construction boom that included iron ore, liquefied natural gas, and coal.
Australian Treasurer Josh Frydenberg stated that the OECD's forecast shows that the government's economic plan is working.
He stated: Australia’s performance in health and the economy is among the best in the world, and as the OECD points out, our level of economic growth is approaching pre-pandemic levels.
The OECD's outlook also indicates that Australians have accumulated a significant amount of household savings that can be utilized during the recovery, with consumer confidence above long-term averages.
The OECD has observed from the latest data that Australia’s economic growth has exceeded expectations, representing that various industries in Australia are gradually overcoming the impact of the pandemic and returning to normal operations. Once the borders are opened and pillar industries such as tourism and international education are restored, Australia’s economy may experience another leap forward!
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