Australia is predicted to outperform all major advanced economies this year after forecasts from the International Monetary Fund (IMF) World Economic Outlook noted the Australia’s economy would grow by 4.5 percent in 2021 and 2.8 percent in 2022, after contracting by 2.4 percent in 2020.
The world economy is forecast to grow by 6 percent in 2021 and 4.4 percent in 2022, compared with the previous forecasts of 5.5 percent and 4.2 percent made in January.
