A move by Australia's central bank to raise its benchmark interest rate, making it the first major economy to do so since the financial crisis worsened last fall, may signal a vote of confidence in a global recovery.

Still, most economists don't expect the Federal Reserve or other major central banks to follow Australia's lead anytime soon. Australia's economy is healthier than the U.S. or European economies, due to rising prices for metals and other commodities it produces.

But the decision by the Reserve Bank of Australia to reverse some of the steep rate cuts it implemented last year is a sign the economy is improving in parts of the world, analysts said.

A healthier world economy could help the United States by boosting exports.

-- MIAMI HERALD WIRE SERVICES

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