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		Home Page News You Can Use Global Econ Recovery Broadening - Australian Treasury Thursday February 19, 2:35 am ET CANBERRA -(Dow Jones)- The global economic recovery appears to be broadening but is still somewhat reliant on the U.S., a senior Australian Treasury official said Thursday. Steven Kennedy, from the Treasury Department's international outlook unit, told a Senate committee hearing that economic growth in Europe "continues to be sluggish." Kennedy also said growth in Japan has been "surprising on the upside," while China continues to expand strongly. "There is some evidence that the global recovery since we put (the 2003-04 midyear budget) together is broadening somewhat and that gives us more confidence," said Kennedy. In its midyear economic and fiscal review released in December, the Treasury upgraded its forecast for domestic economic growth for 2003-04 to 3.75% from 3.25%. The current fiscal year ends June 30. In 2004-05, economic growth is expected to be 3.5%. Treasury also outlined risks to Australia's growth, including the international recovery being too dependent on the world's biggest economy. Heather Smith, general manager of Treasury's international economy division, noted concerns remain about Japan's medium-term outlook. "A lot of the growth at the moment is generated by Chinese growth, particularly on the export and investment side, but there are some severe structural issues that need to be worked through in that economy within the financial system," said Smith. "Even though global growth is becoming more balanced, there is still that medium-term issue around Japan," she added. -By Veronica Brooks, Dow Jones Newswires;   Back to Original Article: News You Can Use   Continue with: LDP Kamei Says Japan Economy Still Severe - Kyodo Democrats Can't Get Firm Grip on Jobs Issue Democrats Can't Get Firm Grip on Jobs Issue Part Two Japan and Iran Sign Major Oil Deal Bush Economic Team Under Fire Over Jobs Bush Economic Team Under Fire Over Jobs Part twoD 3 European Leaders Agree on Economic Plan Jobless Claims Drop, But Labor Still Soft Jobless Claims Drop, But Labor Still Soft Part Two Stocks Set to Climb After Solid Earnings Euro Attempts Small Rebound on Dollar Euro Attempts Small Rebound on Dollar Part two Jobless Claims in U.S. Decline to 344,000, More Than Economists' Forecasts One step closer to hydrogen economy? The escaping price of natural gas Stock funds swell by $60 billion
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