The Australian economy is expected to grow well above its trend rate, in 2010 and 2011.

Australia is the world’s fifth most competitive economy, according to the recently released IMD 2010 World Competitiveness Yearbook. The country was up two places from its 2009 ranking.

The World Competitiveness Scoreboard features, 58 industrialized and emerging economies, grouped into four competitiveness factors: economic performance, government efficiency, business efficiency and infrastructure.

Australia ranks above countries such as Sweden, Canada and Norway. The country’s growth, tipped as world’s best.