Thursday, May 26, 2011

Poetry from the OECD

The English version of yesterday's Economic Outlook was late.

So I used to convert the French:

The Australian economy should rebound after the disturbances caused by the natural disasters to at the beginning of 2011. Growth, stimulated by terms of trade historically raised, of 3% in 2011 to 4 ½ percent in 2012 should accelerate. Unemployment should drop, but the existence of still unutilised production capacity in the economy will prevent the inflationary tensions. Continuation of the budgetary cleansing, in spite of the cost of the bad weather on the accounts public, is welcome, including point of view of the economic situation. The current orientation of the monetary policy seems suitable, in the absence of potential indirect effects on inflation due to the bad weather and the rise of the oil price. The authorities must benefit from the favorable economic conditions to continue the structural reforms of long run, including in favour of one less intensive production in CO2 emissions.