Worst year since Great Depression

Original article by Patrick Commins
The Australian – Page: 1 & 4 : 15-Apr-20

The International Monetary Fund has forecast that the Australian economy will contract by 6.7 per cent in 2020 due to the coronavirus lockdown. However, the IMF expects the domestic economy to rebound by 6.1 per cent in 2021, assuming that measures to contain the virus are successful. The IMF’s latest World Economic Outlook also forecasts that global GDP growth will fall by three per cent in 2020, compared with just 0.1 per cent during the global financial crisis. The IMF has warned of the potential for a second wave of the coronavirus if a vaccine is not developed.


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