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Australia’s growth prospects downgraded by IMF on commodities dependence

Posted on 09 October 2012

The International Monetary Fund’s 2013 growth forecast for Australia has been moderately reduced due to the country’s significant exposure to international commodities markets. The IMF’s latest World Economic Outlook has reduced the forecast for Australian growth next year to 3% from 3.5% as predicted in April.
Australia’s significant dependence on commodities export is a key reason for the downgrade in its growth prospects, with the slowdown in the Chinese economy leading to a decline in spot prices for stalwart resource exports such as iron ore and coal………………………………………..Full Article: Source


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