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Freehills head dismisses double dip recession fears

Freehills head dismisses double dip recession fears

The corporate head of Freehills believes Australia's links with Asia will protect the domestic economy from financial instability in the USA or Europe. Speaking to Lawyers Weekly, Richard…

The corporate head of Freehills believes Australia's links with Asia will protect the domestic economy from financial instability in the USA or Europe.

Speaking to Lawyers Weekly, Richard Loveridge, the head of the 320 lawyer-strong Freehills Corporate Practice Group, said the level of corporate activity increased in Australia over the July to September quarter, and he believes that trend will continue.

"I acknowledge that there is some talk by commentators of a double dip recession, particularly in the USA and Europe," Loveridge said.

"However, for everyone suggesting that might happen, there seems to be just as many [analysts and economists] who paint a more optimistic future, particularly for the Australian economy."

Loveridge certainly fits into the optimistic camp, believing that it is "highly unlikely" that international developments, such as recently announced figures that the US economy shed 95,000 jobs in September, after losing 54,000 jobs in August, and concerns expressed by exporters over the continued strengthening of Australia's dollar would dampen domestic demand.

"A fair bit of recent activity and focus has been Asian reliant," he said. "I think it is the case that if we see solid activity throughout the Asian economies, that is beneficial for Australia, and I think that is a greater factor than any concerns regarding the performance of the American or European economies."

Loveridge went on to say that the QR National IPO was a "great fillip" for the Australian capital market, and that the private equity space had seen increasing levels of demand as compared to the same period last year.

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