Fed:Tanner agrees most Aussies think the country is in recession
01 Apr 2009 12:17 AM
Finance Minister LINDSAY TANNER say he agrees with Reserve Bank deputy governor RIC BATTELLINO .. who's said most Australians think the economy's in dire enough shape to call it a recession.
Ahead of Thursday's G20 meeting of world leaders in London .. the OECD has forecast global growth to shrink by 2.7 per cent this year .. with developed countries tipped to contract by 4.3 per cent.
Mr TANNER's told ABC Television it's a very grim picture being painted .. but points out the OECD's patted the federal government on the back for injecting fiscal stimulus into the economy.
The OECD forecast strengthens the argument for stronger stimulus action across developed nations .. which Mr TANNER says is the course of action being advocated by Prime Minister KEVIN RUDD at the G20 summit.
He also says there's a serious risk of Australia's unemployment rate rising above the forecast seven per cent for this year.
