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The International Monetary Fund has sliced its economic forecasts for Australia amidst new warnings of a new global recession.
In its latest World Economic Outlook the IMF said the world economic recovery had stalled, with Australia’s growth forecasts trimmed by 0.2 per cent to 1.8 per cent for this year and 3.3 per cent for next year.
Despite the bleak report, Australia stands well-placed to weather difficult global conditions, according to the IMF, largely due to ongoing strength in Asia.
The report coincided with federal treasurer Wayne Swan being awarded the title of world’s best finance minister.
The deputy prime minister was last night named as Euromoney’s Finance Minister of the Year 2011 for his work in successfully steering Australia through the depths of the GFC.
According to Euromoney, during his tenure Mr Swan has stopped Australia from falling into recession and helped turn the nation into one of the best “performing of the world’s developed market economies".
“Australia’s position within the global financial community has never been stronger than it is today. Its banking system is strong and the envy of many other developed nations. Its economic foundations are sound, with strong exports, low unemployment and rising incomes. The market has confirmed its positive view of Australia’s relative economic strength through rising investment and the steady appreciation of the Australian dollar.”
While Euromoney acknowledged Mr Swan had been blessed with a number of advantages, including inheriting a sound economy and a natural resources bounty, Euromoney said his decision to stimulate the economy in 2007/2008 despite strong opposition at home, was the right choice.