One postive to come out of the floods ravaging Eastern Australia is that with heavy rainfall, comes large increases in agricultural growth and productivity. This report by ABARES details these findings and the future benefits.
World economic growth is assumed to moderate to 3.5 per cent in 2012, following an estimated growth rate of 3.8 per cent in 2011. Toward 2017, world economic growth is assumed to average around 4 per cent a year.
Emerging economies, particularly China and India, are expected to remain the main drivers of world economic activity, although growth rates in these economies are assumed to moderate. In contrast, concerns over the financing of government debt in advanced economies are expected to slow economic growth in the OECD region, especially in the short-term.