The Reserve Bank governor, Glenn Stevens, said yesterday there were positive signs the economic recession would soon reach the bottom.

''It's too soon to say this is the beginning yet, though developments over recent months are certainly consistent with the view that a recovery will get under way towards the end of the year,'' he said. ''That said, most observers think that the early part of any new global expansion will be characterised by pretty slow growth.''

In a speech in Sydney, Mr Stevens referred to the marked improvement in economic conditions in China, Australia's second-largest export market. ''Chinese industrial output fell for four months between July and November but has since recovered all losses,'' he said.

For more, pick up a copy of today's Canberra Times.