The IMF’s September World Economic Outlook (WEO) expects Australia to grow faster than all major advanced economies next year with an expected growth of 3.3 per cent. Predicted growth for advanced economies as a whole is 1.9 per cent in 2012 due to increased global instability.

 

The IMF has reiterated its concerns over the state of the global economy, saying that increased volatility has contributed to an increasingly unbalanced financial situation after citing an increase in downside risks.

 

The fund has revised its growth forecasts, decreasing its outlook from 4.3 percent to 4.0 percent for 2011. The IMF’s global growth forecast for 2012 is predicted to be 4.5 per cent, up from the previously predicted 4.0 per cent.

 

The IMF has praised Australia's economy, saying the country is well positioned to capitalise on emerging markets in the Asian region. The fund's report found that global instability would be offset in Australia by a positive economic growth outlook low unemployment, enviable public finances and unprecedented pipeline of business investment.

 

The report can be found here