TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Australia

Australia has the best economy in the world according to new figures

by souhaib
April 7, 2021
in Australia
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

Fears the Bondi Covid cluster has spread 60km away as a childcare centre is forced to close

China accused using UNESCO puppet against Australia over Great Barrier Reef world heritage listing

Queensland slams its borders shut to Sydney Covid hotspots

Australia has the best economy in the world as it roars back to life after beating coronavirus – smashing growth expectations by 30 per cent

  • Economy recovering faster than any other in the developed world, IMF says
  • Was expected to grow 3.5 per cent this year, but notw headed for 4.5 per cent
  • Unemployment also expected to dip but JobKeeper ending could hurt that

By Australian Associated Press

Published: 00:25 BST, 7 April 2021 | Updated: 01:33 BST, 7 April 2021

The International Monetary Fund’s upgrade of the Australian economic outlook confirms the nation has outperformed all major advanced economies over the past year, Treasurer Josh Frydenberg says.

The IMF is expecting the economy to grow by 4.5 per cent this year and 2.8 per cent in 2022.

In January, the Washington-based institution expected the economy to grow by 3.5 per cent in 2021.

‘What this report confirms is that we’ve outperformed all major advanced economies over the last year,’ Mr Frydenberg said on Wednesday.

The International Monetary Fund’s upgrade of the Australian economic outlook confirms the nation has outperformed all major advanced economies over the past year, Treasurer Josh Frydenberg says

‘They’re still a long way to go, but Australians can see the light at the end of the tunnel.’

In it latest World Economic Outlook, the IMF is also projecting a stronger recovery for the global economy in 2021 and 2022 compared to its previous predictions made in January.

The world economy is now expected to grow by six per cent in 2021 and 4.4 per cent in 2022, compared with 5.5 per cent and 4.2 per cent respectively previously.

But the fund warns a high degree of uncertainty surrounds these projections, with many possible downside and upside risks.

New IMF forecasts

  • Economy to grow faster than earlier expected: 4.5 per cent in 2021, 2.8 per cent in 2022
  • Unemployment to decline: 6 per cent average 2021, 5.5 per cent
  • 2022 Inflation to remain subdued: 1.7 per cent 2021, 1.6 per cent 2022

‘Much still depends on the race between the virus and vaccines,’ it says.

‘Greater progress with vaccinations can uplift the forecast, while new virus variants that evade vaccines can lead to a sharp downgrade.’

Despite the Reserve Bank’s efforts to fuel the economy through record low interest rates, the IMF expects Australian inflation to be still below the central bank’s two to three per cent target band at the end of next year.

It forecasts the rate of inflation to be 1.7 per cent this year and 1.6 per cent in 2022.

The IMF also does not expect Australia’s unemployment rate to be comfortably below six per cent until next year, forecasting a rate of 5.5 per cent in 2022.

The jobless rate did unexpectedly dip to 5.8 per cent in February, but there is now uncertainty about the employment outlook after the government’s JobKeeper wage subsidy program came to an end last month. 

Share or comment on this article:



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Tags: dailymail australia
Share30Tweet19
Previous Post

Vaccine rollout for the under-50s ‘should be paused until regulator rules on safety’

Next Post

How one woman discovered her true cultural heritage

souhaib

Recommended For You

Fears the Bondi Covid cluster has spread 60km away as a childcare centre is forced to close

by souhaib
June 23, 2021
0

Fears the Bondi Covid cluster has spread 60km away as a childcare centre in Sydney's south-west is forced to close after a positive case spent a day there Little...

Read more

China accused using UNESCO puppet against Australia over Great Barrier Reef world heritage listing

by souhaib
June 23, 2021
0

2019: Australian intelligence services conclude that China was responsible for a cyber-attack on Australia's parliament and three largest political parties in the run-up to a May election.April 2020:...

Read more

Queensland slams its borders shut to Sydney Covid hotspots

by souhaib
June 23, 2021
0

Queensland slams its borders shut to Sydney hotspots as New South Wales battles a growing Covid clusterQueensland slams borders shut to anyone from Sydney's hotspot suburbs Anyone entering from...

Read more

UEFA denies Munich mayor’s Euro 2020 rainbow stadium gesture to protest against a Hungarian law

by souhaib
June 22, 2021
0

UEFA has refused a request from Munich's mayor for a stadium to be lit in rainbow colours for Germany's Euro 2020 match against Hungary on Wednesday in protest...

Read more

England march on in Euro 2020, but it’s group stage agony for Scotland

by souhaib
June 22, 2021
0

Who could England face in the Round of 16? England have won Group D That means they will face the runners up of Group F - the so-called 'Group of...

Read more
Next Post

How one woman discovered her true cultural heritage

No Result
View All Result

Recent Posts

  • NBA PlayOffs 2022: Doncic’s insulting superiority summed up in one play
  • Musk clashes with the head of Twitter in the social network and the action sinks | Economy
  • Abbott, manufacturer of infant milk formula, reaches agreement with the FDA
  • The United States and the European Union want to strengthen their cooperation against Russia
  • The Sao Paulo Stock Exchange extends a positive streak and chains its fourth rise

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.