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Australia Economy Growth

15 April 2020 by News Desk

Australia economy will survive the damage caused by Coronavirus and the country will bounce back to growth in 2021.

That’s the view of the International Monetary Fund who predicts that Australia economy will grow by 6.1 per cent in 2021 and will have fully recovered by 2022.

The IMF predicts the Australia economy will contract by 6.7 per cent this year, or almost $130 billion.

It would be the biggest hit since 1930 when the economy shrank by 9.5 per cent as a result of the Great Depression.

Australia’s Treasury forecasts the country’s unemployment rate is likely to peak at 10 per cent in the June quarter. It is currently 5.1 per cent.

Australia Economy Growth

Treasurer Josh Frydenberg said the government would focus on ways to re-energise the economy to boost the jobs market.

“I believe that more jobs will be created on the other side of this crisis. There will be the recovery phase and Australia will be well positioned for that,” he said.

IMF chief economist Gita Gopinath said the world economy was likely to contract by three per cent this year after growing by 2.9 per cent in 2019.

She said the slowdown was like no other on record, as economies were being closed to prevent the spread of the virus. “The Great Lockdown is projected to shrink global growth dramatically,” she said

The IMF marked out Australia for its “swift and sizeable” fiscal response to the pandemic, but warned that even more money may be needed if the virus continues.

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