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Australia's economy is a huge mess, but it's not doomed for a recession

Australia faces a a “significant but low” 15-20 percent risk of recession as the mining investment boom fades, according to a research note by AMP Capital’s chief economist Shane Oliver today.

China's economic slowdown: blame it on Europe

IMF report on China demonstrates the links between the two

The IMF report cuts to the chase in the headline bullet points:

"A storm emanating from Europe would hit China hard"

It notes: "China's growth rate would drop abruptly if the Euro area experiences a sharp recession."

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IMF report sharply downgrades global growth and blames the euro. European daily economic round-up

IMF dramatic revision of figures projects euro zone as a whole will be in recession in 2012

The IMF has sharply cut its growth forecast for the global economy this year and reason number one is the euro area. Just last September, in its World Economic Outlook, the IMF had projected world output to grow by 4 percent in 2012, now because of the euro zone debt crisis it expects growth of just 3.3 percent. The organization made clear what this dramatic reassessment means.

“Given the depth of the 2009 recession, these growth rates are too sluggish to make a major dent in very high unemployment,” the IMF said.

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