Fed: IMF report an ominous sign, PM Kevin Rudd=2

AAP General News (Australia)
04-23-2009
Fed: IMF report an ominous sign, PM Kevin Rudd=2

Mr Rudd said 2009 would be tough for Australia but the economy was doing three times
better in terms of forecast growth than other advanced economies.

"Some of our key trading partners have far worse recessions projected for 2009," he said.

"This is a difficult time for Australia but the forecast for growth in our economy
for the year ahead are nearly three times better than the forecast growth for all other
advanced economies together."

Mr Rudd said Australians were "at the cusp of the deepest global recession of our lifetime".

"The IMF bleak assessment presents the most challenging global economic backdrop to
the framing of an Australian budget in recent memory," Mr Rudd said.

"The deepening global recession will have severe consequences for our budget and our
forecast for growth for unemployment and for taxation revenue."

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KEYWORD: CRISIS IMF RUDD 2 PERTH

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