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The sharp slowdown in the Chinese economy is expected to trigger a fall in Australian exports and place further pressure on domestic unemployment.
China saw growth of just 6.8 per cent year on year in the December quarter with overall growth of 9 per cent for 2008 according to data released by the National Bureau of Statistics on Thursday.
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Kevin Rudd yesterday said more job losses were to be expected and that Australian exports had already suffered.
“What China does is not just crucial in terms of aggregate global demand…it is doubly critical for Australia,” the prime minister said according to The Australian Financial Review.
