Federal Treasuer Wayne Swan has met with G20 Finance Ministers in Washington DC before attending annual IMF and World Bank meetings.

 

Mr Swan described the meetings as a “vital opportunity” to gather first-hand assessments from other finance ministers, while accepting that it is a “crucial time for the world economy” and that there is growing evidence that the global economic recovery has faltered.

 

“Growth in the United States and Europe has slowed and international financial markets remain volatile, reflecting concerns about the ability of many developed economies to get their budgets back on a sustainable footing,” Mr Swan said.

 

“Clearly many developed economies need to put in place credible plans for medium-term fiscal consolidation, while also supporting their recoveries in the short term where possible.”

 

Mr Swan voiced his confidence that the Australian economy remains in strong position to weather the economic turbulance, saying that the region retains a bright outlook, with strong growth expected to continue into the future.

 

Australia has an unemployment rate around half that of the United States and Europe and our net debt is expected to peak at one tenth that of major advanced economies.

 

“While in Washington, I will hold bilateral meetings with a number of my G20 and IMF counterparts ahead of the annual IMF and World Bank meetings on Saturday,” Mr Swan said.

 

“I will travel to New York on 25 September for a series of meetings with senior investors, policy makers and business leaders.”