WASHINGTON, Jan 26 (Reuters) - The International Monetary Fund raised its forecast for Australia growth on Tuesday, saying its pace of economic growth was stronger than any other industrialized country thanks in part to demand by China for its commodities.
The IMF said it had revised up its forecast for Australian growth in 2010 to 2.5 percent, up from the 2.0 percent the IMF estimated in October.
The fund said growth would likely further rise next year to 3 percent, led by a recovery in domestic demand and increased income from higher commodity prices.
IMF Mission Chief for Australia, Ray Brooks, said Australia's recovery 'has allowed the authorities to begin the process of normalizing interest rates.'
(Reporting by Lesley Wroughton) Keywords: IMF/AUSTRALIA (lesley.wroughton@thomsonreuters.com; +1-202-898-8317; Reuters Messaging: lesley.wroughton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The IMF said it had revised up its forecast for Australian growth in 2010 to 2.5 percent, up from the 2.0 percent the IMF estimated in October.
The fund said growth would likely further rise next year to 3 percent, led by a recovery in domestic demand and increased income from higher commodity prices.
IMF Mission Chief for Australia, Ray Brooks, said Australia's recovery 'has allowed the authorities to begin the process of normalizing interest rates.'
(Reporting by Lesley Wroughton) Keywords: IMF/AUSTRALIA (lesley.wroughton@thomsonreuters.com; +1-202-898-8317; Reuters Messaging: lesley.wroughton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.