Australia to avoid recession: OECD

In contrast with most other developed countries the Australian economy will continue to grow in 2009 according to The Organisation of Economic Cooperation and Development (OECD).

Growth in 2009 will weaken from 2.5% to an expected 1.7% before picking up to 2.75% per cent the following year.

The OECE said in its economic outlook that “despite the depressed international environment, the impact of the financial crisis and the fall in the terms of trade should be relatively contained.”

However, the news for employment levels is less encouraging with a figure of 6% anticipated by 2010. Inflation should drop below the 3% threshold.