Australia to avoid recession

Australia to avoid - Australia to avoid recession OECD AUSTRALIA will avoid a recession next year one of only a handful of developed countries

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Australia to avoid recession: OECD AUSTRALIA will avoid a recession next year, one of only a handful of developed countries whose economy will continue to grow, a leading global think tank says. As financial markets wrestle with the meaning of the latest last-ditch US bail-out - a $500 billion prop for the ailing banking giant Citigroup - the Organisation for Economic Co- operation and Development predicts the richest economies in the world will shrink by a collective 0.4 per cent next year. "Many OECD economies are in or are on the verge of a protracted recession of a magnitude not experienced since the early 1980s," the chief economist, Klaus Schmidt- Hebbel, said. "As a result, the number of unemployed in the OECD area could rise by 8 million over the next two years." Australia's economy is likely to grow by a relatively healthy 1.7 per cent. In contrast, the US economy will contract by 0.9 per cent, Britain's by 1.1 per cent, and Europe's by 0.6 per cent, the OECD's latest economic outlook report, released last night,
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This note was uploaded on 08/22/2011 for the course LANG 405 taught by Professor Johnson during the Spring '11 term at RMIT Vietnam.

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Australia to avoid - Australia to avoid recession OECD AUSTRALIA will avoid a recession next year one of only a handful of developed countries

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