Australia surprised the world as news broke that it is still dodging the global recession that has hit virtually every other nation. Australia’s Prime Minister Kevin Michael RUDD announced that the island-continent was the only advanced economy not in the midst of a downturn currently, though he added that the country is still at risk since imports continue to fall.
Australia’s economy grew 0.4% for the first three months of 2009, versus a 0.5% contraction for Q04 2008. GDP was boosted by higher exports and consumer spending.
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