As the global economy continues to recover next year Australia will be left behind, according Goldman Sachs, which tips it as the only developed market likely to see lower growth.
In a portfolio strategy research note published Monday, the global investment bank said they expect the world's 12th largest economy's to expand by 2 percent next year, slower than the consensus expectation of around 2.5 percent and down from 3.8 percent in 2012.
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"Relative to the acceleration forecast in the global economy, in Australia we expect economic growth to decelerate in 2014," the Goldman Sachs analysts said.
With 22 years of consecutive growth Australia was the envy of the developed world, however many analysts have turned bearish on the economy amid a number of worrying headwinds. The most prominent concern has centered on the slowdown in the country's once booming mining sector, caused by declining demand from its major trading partner China. Many worry that Australia's non-mining sectors will not be able to pick up the slack.