Global market to be volatile for years: Australian MP

Global market to be volatile for years: Australian MP

CANBERRA, Aug. 24 (Xinhua) — Uncertainty and volatility are likely to feature in global financial markets for years to come, Australian federal Treasury secretary Martin Parkinson warned on Wednesday.

Dr Parkinson addressed the University of Western Australia outlining Treasury’s vision for Australia’s economic future.

He said the troubles facing Europe and the U.S. would weigh on the world economy, and domestically, for many years. “Unfortunately, recurrent episodes of volatility are likely to be a feature of our global financial marks over the next few years, ” he said, quoted by Australia Associated Press.

“Such is the sense of concern over the lack of credible policy responses, repeat episodes may be triggered by apparently innocuous events or pieces of information.

“This risks adding a dimension of macroeconomics instability into the Australian economy of a sort that we have not experienced for many years.”

But Dr Parkinson noted that Australia had much to gain from the emergence of economies like China and India, both which are expected to supersede the U.S. in the next 30 years.

Their growth was one of four long-term trends he predicted will significantly shape Australia and will need to be managed carefully.

He also noted that Australia will see other long-tern trends, including the rapid advances in technology; the aging of the population; and environmental pressures, such as climate change and water management.

Editor:Wang Xiaomei |Source: Xinhua | Reproduced by: www.nicegiftbox.com