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.
Posted by big chris @ 04:37 AM (418 views)
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planning4acrash says:
Poor Australia. They will suffer bad from a commodities downturn, have been suckered into more debt than America or UK per capita, and have lost more manufacturing. Australia should be heaven on earth. But, via globalisation, exporters get a terrible deal and cannot support their own manufacturers. Commodities sold for next to nothing on international markets, Australia getting very little for its productivity, with agri-business literally raping the soil and water resources. Very sad. Unfortunately Aussies have been suckered in and are literally brainwashed to think all is hunky dory, with their obsession with sports and other distractions. Literally nothing else is talked about in their media. But, they are a mercenary lot with fabulous energy and integrity, and, woken up, they would bring down their government in a minute. I hope they wake up.