Members noted that the growth rate of the world economy was expected to be at a below-trend pace in 2012, with ongoing weakness in Europe and an easing in the pace of growth in China. However, growth in Australia's major trading partners, weighted by shares of merchandise exports from Australia, was expected to be around average in 2012. This would be underpinned by the continued economic recovery in the United States, the prospect of still-solid growth in China, and a recovery in activity in other parts of east Asia following temporary supply shocks. The financial problems in Europe continued to be a potential ... (full story)