Rudd delivers gloomy recession forecast
23/03/09 15:54
The sinking state of the global economy will almost certainly pull Australia under, according to Prime Minister Kevin Rudd.
Speaking just one day before he set off for a series of international meetings to discuss the global financial crisis, Rudd said it would be virtually impossible for Australia to avoid a recession, the Australian Financial Review reported.
Speaking just one day before he set off for a series of international meetings to discuss the global financial crisis, Rudd said it would be virtually impossible for Australia to avoid a recession, the Australian Financial Review reported.
"The global recession is getting worse before it gets better," he told Channel Nine yesterday.
"The impact of a worsening global economic recession will make it virtually impossible for Australia to sustain positive economic growth for the period ahead, with impacts of course for the budget and employment."
The comments follow recent figures which found that Australia's economy contracted 0.5% during the final quarter of 2008 - the first quarter to have negative growth since 2005.
Internationally, the International Monetary Fund said the global economy would shrink for the first time in 60 years.
http://www.brokernews.com.au/news/breaking-news/34453/details.aspx
"The impact of a worsening global economic recession will make it virtually impossible for Australia to sustain positive economic growth for the period ahead, with impacts of course for the budget and employment."
The comments follow recent figures which found that Australia's economy contracted 0.5% during the final quarter of 2008 - the first quarter to have negative growth since 2005.
Internationally, the International Monetary Fund said the global economy would shrink for the first time in 60 years.
http://www.brokernews.com.au/news/breaking-news/34453/details.aspx