Asian economies leading global growth: Australian Treasurer

15:42, October 07, 2010      

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Australia is in the right place at the right time to take advantage of a predicted lift in global growth, federal Treasurer Wayne Swan said on Thursday.

According to Australia Associated Press, the International Monetary Fund (IMF) is predicting the world economy will expand 4. 8 percent in 2010 and 4.2 percent in 2011, far surpassing the 0.6 percent decline in 2009, which is the worst since World War II.

The IMF's forecast for worldwide growth this year is 0.2 percent more than its previous estimate in July.

Two days after the Reserve Bank of Australia surprised financial markets by not lifting interest rates again, the IMF forecast Australia to grow at 3 percent this year and 3.5 percent in 2011.

"We're fortunate to be in the right place in the world at the right time," Swan told ABC Radio on Thursday.

"Asian economies are still growing much more strongly."

In its latest report, the IMF pointed to a strong performance by China and other emerging powers offsetting lingering weakness in the United States and Europe.

Swan said the Asian region would supply a greater proportion of global growth than any other region.

China, the world's second-largest economy, has been leading the growth surge. While the IMF forecast China to grow 10.5 percent in 2010 and 9.6 percent in 2011.

However, Australia Associated Press indicated there have been concerns that emerging nations have been manipulating their currencies to gain trade advantages.

Swan, who is heading to Washington of U.S. for an IMF meeting, said currency had to be discussed along with "a whole host" of other structural issues.

Swan would not speculate about where the Australian dollar was heading, amid predictions it would reach parity with the greenback before the end of the year.

But he did acknowledge that a rising dollar did have consequences for the Australian economy and impacted on exporters.

Source:Xinhua

(Editor:黄蓓蓓)

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