Swan bullish over global demand
Source: Bloomberg News |
January 14, 2013, Monday
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Print Edition
Print Edition
CHINA'S economic recovery is a sign that global demand will improve this year, Australian Treasurer Wayne Swan said ahead of a visit to Hong Kong where he will speak today at the Asian Financial Forum.
"I'm optimistic that 2013 will be a better year for the global economy," Swan said yesterday in his weekly economic note. "One cause of optimism is recent evidence that China's economy appears to be stabilizing after economic conditions moderated in 2012."
China's exports rose more than forecast in December and a broad measure of credit surged 28 percent, adding to signs that the recovery in the world's second-largest economy is gaining traction. The nation's new leaders are seeking to sustain a pickup in growth after a seven-quarter slowdown.
Economic growth in China probably accelerated to 7.8 percent in the fourth quarter from a year earlier, up from a three-year low of 7.4 percent in the previous period, according to the median estimate of analysts surveyed by Bloomberg News.
"The global economy remains hostage to two familiar downside risks, the fiscal situation in the US and the ongoing sovereign debt crisis in Europe," Swan said. Still "both sides of the Atlantic have recently made encouraging progress in dealing with these challenges."
The US reached its debt ceiling on December 31 and, without an extension of the spending limit, the Treasury will exhaust measures to finance the government as early as mid-February, according to the Congressional Budget Office. Moody's Investors Service warned on January 2 that further measures to control the deficit were needed to support the nation's top Aaa rating.
"Uncertainty remaining around their debt ceiling, unresolved spending cuts and the sustainability of their budget in the long term means the US has a lot more work to do to restore confidence," said Swan.
"I'm optimistic that 2013 will be a better year for the global economy," Swan said yesterday in his weekly economic note. "One cause of optimism is recent evidence that China's economy appears to be stabilizing after economic conditions moderated in 2012."
China's exports rose more than forecast in December and a broad measure of credit surged 28 percent, adding to signs that the recovery in the world's second-largest economy is gaining traction. The nation's new leaders are seeking to sustain a pickup in growth after a seven-quarter slowdown.
Economic growth in China probably accelerated to 7.8 percent in the fourth quarter from a year earlier, up from a three-year low of 7.4 percent in the previous period, according to the median estimate of analysts surveyed by Bloomberg News.
"The global economy remains hostage to two familiar downside risks, the fiscal situation in the US and the ongoing sovereign debt crisis in Europe," Swan said. Still "both sides of the Atlantic have recently made encouraging progress in dealing with these challenges."
The US reached its debt ceiling on December 31 and, without an extension of the spending limit, the Treasury will exhaust measures to finance the government as early as mid-February, according to the Congressional Budget Office. Moody's Investors Service warned on January 2 that further measures to control the deficit were needed to support the nation's top Aaa rating.
"Uncertainty remaining around their debt ceiling, unresolved spending cuts and the sustainability of their budget in the long term means the US has a lot more work to do to restore confidence," said Swan.
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