Asian economies leading global growth: Australian Treasurer

15:42, October 07, 2010      

Email | Print | Subscribe | Comments | Forum 

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.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion