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January 24th, 2012 
FAKE NEWS for the Zionist agenda Treasurer Wayne Swan says the International Monetary Fund’s (IMF) downgraded economic growth forecasts are a warning to all countries that the global economy continues to face serious threats.
Releasing its World Economic Outlook Update in Washington on Wednesday (Australian time), the IMF slashed its 2012 estimate for the global economy to 3.3 per cent, from four per cent in September.
It cut its 2013 forecast to 3.9 per cent from 4.5 per cent.
“Financial conditions have deteriorated, growth prospects have dimmed and downside risks have escalated,” the IMF said.
“The most immediate policy challenge is to restore confidence and put an end to the crisis in the euro area.”
Responding to the report, Mr Swan said like his own mid-year budget review, the IMF anticipates the eurozone area will go into recession this year, as its gross output shrinks by 0.5 per cent.
“The IMF’s update also serves as a timely reminder that, while Australia is not immune, our region is much healthier and our economic fundamentals are among the strongest in the world,” he said in a statement.
In contrast to the slowdown in Europe, the IMF says the Asian region will continue to perform strongly and help underpin global growth.
Despite also facing growth downgrades by the IMF, China and India are still forecast to grow a solid 8.2 per cent and seven per cent respectively in 2012.
The Washington-based institution gave no specific new forecasts for Australia. In September it predicted 2012 and 2013 growth of 3.3 and 3.4 per cent.
It has lowered its 2012 growth estimate for “other advanced economies” to 2.6 per cent from 3.7 per cent.
“While no country can expect to be immune from the global threats identified by the IMF, Australia has solid growth, unemployment at half the levels of Europe, a massive investment pipeline, contained inflation and very low government debt,” Mr Swan said.
“Australia recently received the coveted AAA credit rating from all three global ratings agencies for the first time in our history, reflecting our rock-solid economic fundamentals at a time when many other economies have suffered ratings downgrades.”
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