TREASURER Wayne Swan says the Australian economy is set to grow at twice the average pace of the 34 economies that make up the Organisation for Economic Cooperation and Development.
Mr Swan says the OECD's latest economic outlook released on Tuesday confirms the resilience of the local economy in the face of challenging global conditions.
"We recognise that not everyone is on easy street, and some sectors of the economy face big challenges," he said in a statement.
"This report from the OECD confirms our economy remains very resilient in the face of global headwinds, unlike most other advanced economies."
While the Paris-based institution has slashed its 2013 prediction for Australian growth to three per cent, from 3.7 per cent six months ago, its compares with the OECD average of just 1.4 per cent expected for the same year.
The OECD expects Australia will have grown by 3.7 per cent in 2012, while it is forecasting 3.2 per cent in 2014.
Mr Swan said the latest forecasts were consistent with the government's own projections contained in the mid-year budget review.
"The Australian economy has now completed 21 years of economic growth, more than twice as long as any other advanced economy," Mr Swan said.
"While some sectors continue to face headwinds from a strong dollar and weak global demand, the OECD expects that Australia's economic growth will be underpinned by strong investment, solid consumption and a lift in export volumes."
The report also highlights significant downside risks to the global outlook, particularly from the euro area crisis and the looming US 'fiscal cliff'.
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