IMF says Australian economy will slow

The Australian economy is not immune from the global difficulties which are slowing the world economy, but we are better placed than most other countries to withstand the fallout. The IMF expects the Australian economy to grow by 2.5 per cent in 2008 and 2.2 per cent in 2009, considerably higher than the growth outlook for advanced economies. In particular, the IMF commends Australia's economic management, noting that our sound fiscal position will help provide a buffer against the slowdown in the global economy. The Rudd Government will continue to engage internationally to strengthen the global financial system and take decisive action domestically to protect our economy from the fallout on international financial markets.

Source: Treasurer Wayne Swan