Econ­omy re­silient to com­mod­ity slump

China Daily (USA) - - BUSINESS -

Aus­tralia’s econ­omy is con­tin­u­ing to dis­play re­silience to com­mod­ity price de­clines, how­ever ex­ter­nal fi­nanc­ing risks do linger, global ratings agency Moody’s In­vestor Ser­vices said on Wed­nes­day. Aus­tralia’s growth should con­tinue to out­pace its com­mod­ity ex­port­ing triple-A (sta­ble) rated peers New Zealand, Canada and Nor­way over the com­ing years as ris­ing min­eral ex­ports off­set weak prices, while the ser­vices sec­tor ramps up from the drop in Aussie dol­lar. “The weaker Aus­tralian dol­lar and lower in­ter­est rates have al­lowed it to take an in­creas­ing mar­ket share of ris­ing global de­mand for tourism and ed­u­ca­tion ser­vices,” Moodys said in a re­port re­leased on Wed­nes­day.

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