Coronavirus and bushfires to reduce Australia’s GDP growth to zero
- sarahjohnsnc
- Feb 14, 2020
- 1 min read
The coronavirus has worsened the economic outlook for Australia which was improving until the health emergency.
The Reserve Bank’s governor Philip Lowe said that the virus had had an immediate impact on the economy.
“Absent the virus, the outlook in Australia was improving,” he told the Australia-Canada economic Leadership Forum in Melbourne.
BIS Oxford Economics predicted that Australia’s GDP would be reduced by 0.5 percentage points in the three months to March.
This would reduce overall growth to zero in that time period.
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