Friday, November 7, 2008
The Australian economy will grow 1.8% in fiscal 2009, according to the IMF, as a $10.4 billion
Investors should sell Australia's currency against the US dollar because it may lose 29% as it slumps toward a record amid a global recession, Morgan Stanley said.
The International Monetary Fund yesterday predicted that global growth will slow to 2.2% next year amid the first simultaneous recession in the US, Japan and euro region in the post-World War II era. A growth rate of 3% or less is "equivalent to a global recession,'' the IMF said as recently as April.