Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Gold Price Hits Two-Month High as Investors Await US Inflation Data 
Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Dollar Steady as Markets Await U.S. Inflation Data 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
Add as a preferred source on Google
In its latest World Economic Outlook report published overnight, the International Monetary Fund (IMF) raised its growth forecasts for the Australian economy. The IMF upgrades Australian GDP to 3.1 percent for 2017, from 2.5 percent in 2016, and at 3 percent for 2018.
The IMF sounded much more optimistic than its review released in February, which characterised Australia’s outlook as “mediocre” and was also well ahead of Treasury’s mid-year budget review released before Christmas.
The IMF expects inflation to hit 2 percent this year, from 1.3 percent last year. The IMF predicts that Australia’s unemployment will drop from its current rate of 5.9 percent to 5.2 percent this year as economic growth rockets from 2.5 percent to 3.1 percent.
The fund has lifted its growth forecasts for the US, China, Europe, Britain and Japan, although it expects Australia to retain its position as the fastest growing economy among the 20 largest advanced countries.
“The global economy seems to be gaining momentum — we could be at a turning point,” said IMF's chief economist, Maurice Obstfeld.
