CANBERRA -(Dow Jones)- Australian Treasurer Wayne Swan said Tuesday that participants at a gathering of Group of 20 finance ministers over the weekend had noted a "marked slowdown" in not just developed, but also developing nations.
"There was quite a consensus that we need to see coordinated action across the globe when it comes to fiscal policy, when it comes to monetary policy, and when it comes to dealing with matters such as the Doha trade round that can strengthen growth in the future and stabilize financial systems in both the developed world and the developing world," Swan told Sky News television.
Turning to a huge fiscal stimulus package unveiled by China Sunday, Swan said the package will likely boost global confidence.
Swan declined to be drawn on whether significantly lower growth forecasts issued by the Reserve Bank of Australia and International Monetary Fund in recent days bring into question relatively optimistic Treasury estimates unveiled Nov. 5.
However, he expects recent interest rate cuts by the RBA, which has lowered its overnight cash rate target by 200 basis points in the past three months, to stimulate domestic growth.
The government has said the Treasury forecasts, which are for gross domestic product growth of 2% in the year ending June 30, 2009 versus 1.5% by the RBA and 1.8% by the IMF, factor in further interest rate cuts in the coming period.
-By Rachel Pannett, Dow Jones Newswires; 61-2-6208-0901; rachel.pannett@dowjones.com
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(END) Dow Jones Newswires
November 10, 2008 17:25 ET (22:25 GMT)

Publié le 10 novembre 2008 Copyright © 2008 Dowjones