Second wave would be $25bn tsunami

Original article by Patrick Commins
The Australian – Page: 4 : 11-Jun-20

The OECD’s latest economic outlook report forecasts that the Australian economy will contract by five per cent in 2020, compared with an average decline of 7.5 per cent among member nations. The OECD also expects the domestic economy to rebound by 4.1 per cent in 2021, in the absence of a second wave of the coronavirus. A fresh outbreak would reduce GDP growth in 2021 to just one per cent, according to the OECD. The Paris-based organisation expects the global economy to contract by 6% in 2020, and 7.6% if there is a second wave.


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