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Australia in better position to recover from downturn: Roubini

Nouriel Roubini, an American economist who predicted the global financial crisis in 2006, believes Australia has better prospects to recover from the downturn than other advanced economies including the United States and Europe.

At the Diggers and Dealers conference at Kalgoorlie-Boulder in Western Australia’s Goldfields, Professor Roubini predicted two percent growth for Australia in 2010, compared to less than one percent for other advanced economies. However, he said there is still a long road to recovery.

“The recovery in Australia is going to be gradual, so maintaining and monitoring the fiscal stimulus for a bit longer is going to be desirable. The recovery is barely starting, inflationary pressures are still very contained because of rising unemployment and slackness of demand, (so) a cautious approach is more likely to be taken.”

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