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Europe's outlook 'pretty bleak': Swan

Europe's economic outlook is "pretty bleak" and it faces a long, slow grind towards recovery, Treasurer Wayne Swan says.

Addressing a function in Sydney on Wednesday, Mr Swan said the recent G20 meeting in Toronto reinforced what global financial markets have been indicating for some months, that the global outlook is uncertain.

"Europe faces a long, slow grind towards recovery with near double-digit unemployment and a big deleveraging task still ahead," Mr Swan told the Australian Lebanese Chamber of Commerce.

"The reality of their situation is pretty bleak, but I think they are now really starting to understand the magnitude of their challenges."

He said the government was closely monitoring these enduring downside risks and that Australia is not immune to turbulence on global markets.

He said the Toronto meeting showed Australia's recovery is "leagues ahead of nearly all advanced economies".

"While the G20 goal for advanced economies is to halve deficits by 2013, we are so far ahead of the game we are coming back to surplus in 2013," he said.

"That's terribly important when you consider the uncertainty in the international economic environment."

He said while the global recovery is not following an even path, Australia is fortunate to be sitting on the edge of the fastest growing region in the world.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

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