Economics Department

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The economy is adjusting to the post mining-boom era. Long-term prosperity requires macroeconomic policy settings and structural reforms to focus on ensuring a successful rebalancing of economic activity towards non-resource sectors.
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Overall, the global economy continues to run in low gear. At 3% over the past 7 years, the pace of global growth is more than 1 percentage point below the 2000-07 period, and about ¾ of a percentage point below the average of the 15 years prior to the financial crisis.
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Curbing inflation and improving fiscal effectiveness are key challenges. Structural bottlenecks constrain manufacturing, slowing job creation. Increasing female economic participation and health expenditures would make growth more inclusive.
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