Global assessment says country’s in better position this year than forecast six months ago, but revises down growth outlook to a historically bad 1.2%
‘The IMF is more optimistic about unemployment for this year than it was six months ago, but you can’t predict historically low economic growth in 2024 and not expect that to affect jobs.’‘The IMF is more optimistic about unemployment for this year than it was six months ago, but you can’t predict historically low economic growth in 2024 and not expect that to affect jobs.’.
Back in April, the IMF thought Australia’s unemployment next year would be 4.1% before rising to 4.7% in 2027. Now it estimates unemployment will be up to 4.3% in 2024 and hit 4.9% in 2028:The good news is the IMF is more optimistic about unemployment for this year than it was six months ago, but you can’t predict historically low economic growth in 2024 and not expect that to affect jobs.
This is expected to reverse over the next few years as workers attempt to recover the lost value of their wages.But the IMF notes that inflation generally comes down faster when firms and employees adopt a “forward-looking” expectation rather than a backwards-looking one.
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