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IMF lowers global forecast but steady China prediction bodes well for Australia
The International Monetary Fund (IMF) is downgrading its forecasts for the second time this year, but the good news for Australia is that its China outlook is steady. It is now seven years since the collapse of the Lehman Brothers investment bank sparked the global financial crisis. While the slow economic recovery in the United States is starting to take hold, the focus is firmly on the slowdown in China and tumbling commodity prices. The IMF's chief economist Maurice Obstfeld says the fallout is pushing global economic growth to its lowest level since 2009, straight after the Lehman Brothers meltdown. "Near term ... (full story)