Australia, which suffered one of the worst...
Australia, which suffered one of the worst stock market declines of any country last month, is not heading toward recession despite expectations of lower consumer demand after the market’s crash, according to Australian Treasurer Paul Keating.
The finance minister said the structure of the economy will help cushion the blow, but it will take time to assess the impact.
The government has pushed for an economic restructuring, including a more competitive wage system, import replacement, substantial growth and fiscal management, Keating said.
“Macroeconomic adjustment and the sheer force of the economy would overhaul the pessimistic view,” he said.
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