.RBAInfo governor Phillip Lowe says Australia faces the largest contraction since the depths of the Great Depression but says the economy could begin to recover as early as the latter half of 2020
RBA governor Phillip Lowe says Australia faces the largest contraction since the depths of the Great Depression but says the economy could begin to recover as early as the latter half of 2020. Mr Lowe said the next three to six months will be “very difficult” since “normal economic activity cannot resume” due to the outbreak of the novel coronavirus COVID-19.
Despite the doom-and-gloom predictions, the RBA governor said Australia is poised to begin its recovery as early as the September quarter. "We need to remember that once the virus is satisfactorily contained, all those factors that have made Australia such a successful and such a prosperous country will still be there,” he said. "The best way of dealing with these reverberations is to re-invigorate the country's growth and productivity agenda.
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