The coronavirus outbreak is likely to result in the Australian economy suffering a quarter of negative growth, ANZ has warned, with the tourism and education sectors set to be the hardest hit | swrighteconomy
The ANZ lowered expectations after the ban on non-citizens from China, which is affecting the tourist and education sectors, which it expects will have a sizeable financial impact.
Travel from countries other than China is also expected to fall as tourists decide to put off international travel because of concerns about the virus. "Local consumer sentiment took a hit from the bushfires and the news regarding the virus is keeping confidence levels low," they said. They noted the broader, global impact of virus was now evident, pointing to the decision of Hyundai in South Korea to shut down all its car manufacturing plants because it could not get supplies from China.While the March quarter is tipped to be negative, the ANZ expects a turnaround in the June quarter with a rebound in the tourism sector likely to be experienced through the second half of the year.
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