IMF: Australia might be only advanced economy to grow this year

10/2/2009 | Wall Street Journal, The

The International Monetary Fund forecast 0.7% growth for Australia's economy this year. It might be the only advanced economy to grow before 2010. Given that the country has not experienced a single quarter of contraction during the recession and that the IMF expects 2% growth next year, the Australian central bank might be the first to raise its interest rate. That expectation pushed up the Australian dollar, hurting exports to China, although many Chinese firms are seeking to buy stakes in Australian commodity companies -- so many, in fact, that Australian regulators are limiting takeovers.

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