OECD tips rapid economic growth in Australia this year, beaten only by China in Asia Pacific

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The Australian economy is forecast to grow rapidly this year thanks to the successful battle to contain COVID-19, with business bouncing back.

The Australian economy is set to grow at a rapid rate when the coronavirus pandemic subsides, the Organisation for Economic Co-operation and Development says.

The Paris-based organisation on Tuesday night released its interim economic outlook, tipping Australia’s GDP growth this year will be 4.5 per cent.

That’s a big jump from 3.3 per cent in the December quarter.

The last time Australia rebounded with such strength was at the beginning of last decade as the nation emerged from the global financial crisis, with GDP of more than 3.9 per cent recorded in 2012.

In its latest outlook, the OECD said a global economic recovery from the COVID-19 pandemic was in sight, but a faster and more effective vaccination rollout across the world was critical while respecting necessary health and social distancing measures.

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