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Published on: Monday, March 09, 2009

Newspapers are telling us we’re in recession — it’s possibly true, but the official line is that we have to get two quarters of negative growth and we haven’t got that yet. It does look likely that we will end up in an official recession as March is often a slow quarter, being post-Christmas. However, I can’t see any reason to go negative until there is reason to be so.

If the Rudd Government and the Reserve Bank had been slow to act, then the media could have a role to spark them into action, but the two bodies have responded well. The important conclusion of most economists is that we will have a mild recession, so don’t panic. 


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