- CNTV English - CCTV News

Homepage > News > Biz >

Economy will be volatile in Australia next year

12-19-2010 18:01 BJT

Australia's economic recovery will be volatile as Europe and the United States struggled in the aftermath of the global financial crisis, said a major banker of Australia.

ANZ Banking Group chairman John Morschel warns that while the pace of recovery would be faster in Australia, it was likely to experience volatility as the U.S. and Europe work through hardships like weakening economy and excessive debt level.

"This includes potential volatility in our funding costs," Morshel said at a meeting held in Adelaide during the weekend.

"Although the eurozone seems set to survive, confidence in the EU as a political union continues to erode," he said, "European banks will need to continue to shore up their balance sheets."

He expected Asia, excluding Japan, to grow at around eight percent in 2011, compared to less than 2.5 percent in the U.S. and Europe.

"Australia is expected to continue to perform well and in New Zealand the recovery is gathering momentum," he said.

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program