Dr Sam Wylie says that IMF predictions of a growth phase in the world economy in 2010 are off the mark, and says Australia should expect a long but shallow recession.
"The financial crisis is going to take between $40-$60 billion out of Government revenues. We should expect to see big defecits in Australia, with total government debt around $200 billion at the end of 2012, where at the moment its about $50 billion."
