Australia’s GDP growth rate has outpaced the average for all advanced economies in 13 of the last 15 years, demonstrating its resilience and flexibility.

Australia is expected to outperform most advanced economies over the next two years. The IMF is forecasting Australia’s GDP growth will fall moderately by 1.4% in 2009 (real terms) as a result of the global financial crisis, and return to growth in 2010. This compares with a fall of 3.8% for all advanced economies in 2009 and zero growth in 2010. Of the 33 countries the IMF classifies as advanced, only Cyprus and Greece are expected to record smaller percentage falls in GDP for 2009 than Australia.