Press Release - IMF World Economic Outlook Update - January Update [25/01/2012]

The IMF has downgraded growth forecasts in its World Economic Outlook update released today, citing the European crisis and deteriorating financial conditions as causes of weaker global activity. The IMF expects global GDP to grow 3.3 per cent this year, down markedly from the 4.0 per cent predicted in September. Our net debt is projected to peak at 8.9 per cent of GDP in 2011-12 - far lower than all of the major advanced economies - before falling to 7.7 per cent of GDP in 2014-15.

Source: http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/002.htm&pageID=003&min=wms&Year=&DocType=0

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