THE economic growth outlook for Australia has moderated and there will be bumps ahead as the US and Europe economies continue to suffer weakness, a global agency says.
The International Monetary Fund (IMF) also warns the gap between the advanced US and euro area economies is expanding, with US growth set to slow and European output likely to contract this year.
"What was until now a two-speed recovery - strong in emerging and developing countries but weaker in advanced economies - is becoming a three-speed recovery," IMF economist Olivier Blanchard said in the group's annual world economic outlook.
"Emerging market and developing economies are still going strong but in advanced economies there appears to be a growing bifurcation between the United States on the one hand and the euro area on the other."
While prone to the ups and down of US markets, Australia is likely to trundle along at an average pace in 2013 and 2014 helped by a renewed expansion the Asia region, led by China, India and Indonesia.
Domestic economic growth is forecast at three per cent this year before rising to 3.3 per cent next year, after an expansion of 3.6 per cent in 2012.
The new forecasts are around trend and broadly in line with Reserve Bank of Australia and Treasury projections.
Overall, global growth should expand by a modest 3.3 per cent this year and four per cent next year, despite less than stellar growth in the US and an expected contraction in Europe in 2013.
But Asia as a whole is set to pick up to 5.75 per cent this year and six per cent in 2014.
"Asian economies will also benefit from internal demand spillover, particularly growing Chinese demand and the policy-led pick-up in Japan," the IMF said.
"For several economies, direct and indirect demand from China and Japan are almost as important as demand from the United States and Europe.
China and Japan are Australia's number one and number two trading partners, respectively.
Earlier this month, Prime Minister Julia Gillard visited China to cement diplomatic and economic relations, which she said was vital to Australia's future prosperity in the region.
Treasurer Wayne Swan said the IMF report showed Australia's outlook was positive, despite challenging conditions over the past five years.
"The Gillard government has consistently struck the right balance to support jobs and growth in our economy," he said in a statement.
Mr Swan is heading to Washington this week for meetings of the Group of 20 industrialised nations, IMF and World Bank.
The meetings were an opportunity to discuss economic developments and the need for policymakers to get the global recovery onto a sustainable path, he said.
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