24 Jun 2014
RBA's Edwards: Wind down of mining boom will not be as bad as feared
FXStreet (Bali) - The Reserve Bank of Australia's John Edwards was quoted in an overnight article by the Australian Financial Review, saying that the gradual wind down of the mining boom will not be as bad as feared.
Edwards also said: "Rebalancing won’t put the economy into recession, the boom contributed around 3% to GDP since 2003..."
"The reason it is important is that it influences the size of the challenge in adjusting to the ebbing of the investment phase of the boom. If it wasn’t quite so big in the first place, it’s going to be much easier to adjust than otherwise. And it’s an adjustment we’re making. We’re a very long way from having a recession, let alone a depression”, Edwards added.
Edwards also said: "Rebalancing won’t put the economy into recession, the boom contributed around 3% to GDP since 2003..."
"The reason it is important is that it influences the size of the challenge in adjusting to the ebbing of the investment phase of the boom. If it wasn’t quite so big in the first place, it’s going to be much easier to adjust than otherwise. And it’s an adjustment we’re making. We’re a very long way from having a recession, let alone a depression”, Edwards added.