EDS: Not for use before 2100 AEDT Thursday, March 28
By Colin Brinsden, AAP Economics Correspondent
CANBERRA, March 28 AAP - When Julia Gillard makes her second trip to China as prime minister next week, she'll be visiting one of the mainstays of global economic growth.
The Organisation for Economic Co-operation and Development's (OECD) interim global economic outlook says Australia's number one trading partner will to continue to grow at an annualised rate well above eight per cent in the first half of 2013.
OECD deputy secretary-general and chief economist Pier Carlo Padoan says growth among the emerging economies remains much faster than in advanced countries.
"Given the substantial share of the world economy now accounted for by emerging economies, they will again drive growth at the global level this year," he said in the report released on Friday.
However, activity is picking up in many major economies.
The United States is expected to return to moderate growth in the first half of 2013, while Japan, Australia's second key trading partner, is expected to accelerate from low levels boosted by new policy measures.
"In Europe, a meaningful recovery is likely to take somewhat longer," Mr Padoan said.
He said within the euro area, there was a renewed divergence between growth in Germany, which is likely to pick up strongly over the first half of 2013, and other countries, which will remain slow or negative.
The overall improvement in economic activity has been a key factor behind the marked strengthening of financial markets in recent months.
"However, real activity has yet to reflect fully the improvement in financial market sentiment, especially in the euro area," Mr Padoan warns.
"This highlights the risk of asset prices getting out of line with fundamentals, especially as regards corporate securities."
The Paris-based institution expects the Group of Seven countries (US, Japan, Germany, France, Italy, UK and Canada) to be growing at an annualised rate of 1.8 per cent by mid-2013 after contracting by 0.5 per cent as of the final three months of 2012.
There were no new forecasts for Australia.
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