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Australia will not be able to escape the global downturn in 2009 and a recession is likely to be on the cards, the RBA conceded yesterday.
Speaking in Brisbane, RBA deputy governor Ric Battellino, said “no amount of good economic management can totally shield us from what is happening in the global economy”.
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Mr Battellino’s comments came as the Organisation for Economic Cooperation and Development (OECD) said economic growth in developed nations was likely to contract by a staggering 4.3 per cent this year.
The OECD also said that jobless workers in the G7 – Britain, Canada, France, Germany, Italy, Japan and the US – would double from mid 2007 levels to 36 million by late 2010.
Australia’s government measures would go a long way to offsetting negative international influences, Mr Battellino said, but GDP was likely to fall in 2009.
Despite this grim revelation Mr Battellino said Australia would remain one of the better performing economies in the developed world and would be well placed to benefit from the renewed global expansion when it comes.
