Aus economy beats the odds

[Fly Away]

Economy beats the odds

AUSTRALIA is on track to defy the world and avoid a recession in 2009, beginning a recovery early next year, in the assessment of more than 20 leading economists.

The Age's half-yearly economic survey predicts an economic contraction of a mere 0.1 per cent this year followed by a rebound of 0.6 per cent in the year to June 2010.

The forecast allows Australia to avoid the two consecutive quarters of negative growth commonly taken to define a recession, although it allows for that possibility if the recession is mild.

[Mason Tan]

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