The recession caused by the COVID-19 pandemic has caused a worldwide recession far deeper than expected but Australia is by far a stand out performer with the International Monetary Fund upgrading Australia’s economic outlook.
The IMF predicts the local economy to shrink by 4.5%, which is positive news in comparison to the 6.7% fall it suffered in April. In 2021 Australia’s economic growth is expected to recover by 4%. The IMF noted Australia was one of the “few exceptions” to March quarter economic output being worse than expected.
There has been warning about phasing out the JobKeeper Program too early whilst ensuring to continue adding new stimulus measures.
This is a brief summary of the article ‘Australia stars as IMF paints bleak picture’ by John Kehoe | Business News | Wednesday 24thJune 2020.