‘Hurdle not a roadblock’: Omicron won’t stop economic recovery in 2022 | JennieDuke
A leading economist is expecting the nation to recover strongly this year led by a rebound in NSW and the Northern Territory despite the latest COVID-19 outbreak slowing the overall pace of financial growth.
“Australia is now much more match-fit for fighting COVID: we’re well vaccinated, we’ve got the hang of juggling lockdowns and other COVID challenges, and we’re cashed up with dollars left over from when the pandemic meant that money couldn’t be readily spent. That combination spells resilience and recovery,” he said.
His forecast assumes booster rates continue to rise, helping keep COVID-related deaths low, improving treatments for the virus, a rise in migrant and tourist numbers and limited lockdowns. The report also provides an allowance for half of the workforce to spend a week unable to work, either due to illness or needing to isolate, over the first half of the year.
“Deloitte reminds us that we are still in a pandemic and that COVID-19 will continue to pose a threat toLabor’s Treasury spokesman Jim Chalmers criticised the pace of the recovery, saying it would be stronger if the pandemic had been better managed, including more rapid tests and a faster booster roll out.
“The economy started the year with substantial momentum,” he said, “and the general economy has become increasingly good at adjusting to the impact of COVID.”
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