The Urban Development Institute of Australia was pleased to recently host global economist Jonathan Pain who shared his thoughts on how political and global economic conditions may impact the Western Australian economy.
Mr Pain touched on topics regarding tourism and other industries that heavily rely on China which have all felt the impact from the unanticipated arrival of Coronavirus including the immediate travel bans and lockdowns.
He said the world would experience significant short term negative consequences due to China’s lockdown, however the long-term outlook for Australia’s economy was still bright.
The global economist assured the audience that Australia was viewed as a safe haven for investment due to our economic and political stability , however it was essential that the government focus on stimuli to keep the economy moving.
Population growth is key to strengthening WA’s economy. Now is the time to showcase our assets to the world to attract more people to our state including world-class education facilities and unique tourism experiences. It is also vital that the State Government continues to invest in infrastructure to further boost the economy and create jobs.
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This is a summary of the article ‘Short-term economic pain to lead to longer term gain’ by Col Dutton, UDIA WA President | The West Australian | Tuesday, 25th February 2020.