Fears of a global recession are "overdone", Reserve Bank governor Glenn Stevens says, even though the global growth outlook is less upbeat than it was last year.
Some commentators have described financial markets as "almost pricing as though there will be a global recession", Mr Stevens told the House of Representatives economics committee on Friday.
"I think that might be a bit pessimistic really," he said.
Mr Stevens said recessions are rarely accurately predicted and Australia's terms of trade had been falling.
However his present instinct was "some of the gloom and doom is overdone but, you know, it remains to be seen."
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