Australia’s resources boom set to grow: central bank
by Amy Coopes SYDNEY (AFP) –
Australia’s resources boom is set to grow as Asian economies lead the global economic recovery, the country’s central bank said Friday as it lifted growth forecasts.
The Reserve Bank of Australia (RBA) said resources-driven exports had held up during the financial crisis and had been buoyed by strong expansion in the mining sector.
The bank lifted its growth forecast for 2009 from 0.5 percent to 1.75 percent and raised estimates for growth in the 12 months to fourth-quarter 2010 from 2.25 percent to 3.25 percent.
“Investment in the resources sector is at historically high levels and is expected to increase further, particularly as the LNG (liquefied natural gas) sector expands,” it said.
The bank said the giant economies of China and India were driving the global recovery and Australia owed its performance as the only major Western nation t…
See the full post at Australia\’s resources boom set to grow: central bank
