Is the Australian Economy ready for a rebound? Straight from the horse’s mouth

As per Philip Lowe, the Governor of the Reserve Bank of Australia, the global economy seems to be on a steadier track compared a year-ago scenario, with growth target for 2016 being achieved in China and improved economic position in the United States, while Europe continues to sail on a recovery platform. Although broader picture has improved, risks do prevail going forward. Turning to Australia, the Governor did highlight that the target figure for Australian economy to grow by around 2½–3 per cent in 2016 does not look to be a possible figure to achieve and the outcome is now expected to be around 2 per cent. However, the Australian economy is expected to grow by around 3 per cent this year and next, at the back of the commodity price uplift witnessed in the middle of 2016.

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