Worst since Great Depression: IMF warns of $130b hit to Australia | swrighteconomy
While the fund believes the economy will grow by 6.1 per cent in 2021, it would still leave Australian GDP smaller than it was at the end of 2019.
IMF chief economist Gita Gopinath said the global economy was likely to contract by 3 per cent this year after growing by 2.9 per cent through 2019. IMF chief economist Gita Gopinath says"the Great Lockdown" will deliver the world its worst economic downturn since the Great Depression."The Great Lockdown, as one might call it, is projected to shrink global growth dramatically."
Modelling for the federal Treasury has found Australia's unemployment rate is likely to peak at 10 per cent in the June quarter. It is currently 5.1 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World economy to suffer worst year since Great Depression, IMF forecastsThe world economy in 2020 will suffer its worst year since the Great Depression of the 1930s as a result of coronavirus, the International Monetary Fund says in its latest forecast.
Read more »
IMF says Australia's economy will shrink by 6.7 per cent this yearThe IMF has warned Australia's economy will likely be one of the worst-hit economies in the Asian region.
Read more »
IMF says Australia's economy will shrink by 6.7 per cent this yearThe IMF has warned Australia's economy will likely be one of the worst-hit economies in the Asian region.
Read more »
World economy to suffer worst year since Great Depression, IMF forecastsThe world economy in 2020 will suffer its worst year since the Great Depression of the 1930s as a result of coronavirus, the International Monetary Fund says in its latest forecast.
Read more »
Australia to experience 'its worst recession in history' | Sky News AustraliaSky News host Peta Credlin says Australia may experience “it’s worst recession in history” due to the coronavirus pandemic. \n\nThe Prime Minister Scott Morrison has announced any relaxation of social distancing measures will likely be many weeks away despite reports indicating a reduction in new coronavirus cases. \n\nHowever, these positive reports regarding virus control have coincided with a Treasury release forecasting unemployment to rise to 10 per cent.\n\nMs Credlin said while a 10 percent unemployment rate is “terrible” news, it is far better than predictions released prior to the JobKeeper program. \n\n'There’s been an inordinate amount of money spent to get us to the position of 10 percent unemployment,' she told Sky News host Peter Gleeson. \n\n“Labor left $96 billion dollars of debt which took John Howard 10 years to pay off” and the current government has outlaid 300 billion in a couple of weeks. \n\nThe economic consequences are “going to be much deeper than people understand and much darker because our economy is so different,' she said. \n\n“We are not a manufacturing nation anymore and we don’t have cheap energy”. \n\n\nImage: Associated Press
Read more »
Great Depression-sized economic shock coming down pipelineAn "unprecedented" economic shock is hurtling down the pipe towards Australia because of the coronavirus pandemic, an economist has warned.
Read more »