Business

US can regain economic momentum: Gillard

Australian Prime Minister Julia Gillard has backed the United States to resolve its economic woes.

14 August,2011 05:49 pm

Addressing an Australian-American Leadership Dialogue dinner in Perth, Gillard said the world had felt the effects of the global financial crisis and was now watching as the US faced “a great test”.“We watch with a sincere desire to see your mighty countrys economy regain its momentum,” Gillard told an audience of Australian and American political, finance and military figures, including World Bank President Robert Zoellick.”I do have faith in the ability of the United States to get its economic house in order even if, too often for comfort, it takes a crisis to force decisive action.”Gillard said that regaining its economic strength was vital to America holding its global influence, including in the rising Asia-Pacific region.This battle is not just about the economy and jobs. US global leadership and its influence in a rapidly changing Asia Pacific depend on a continued economic strength, she said.Ultimately, it is economic power which underpins strategic power.Global markets went into a panic last week on concerns about the eurozones sovereign debt issues and the historic US debt downgrade by Standard and Poors which came after American lawmakers narrowly averted a disastrous debt default.

Sports