The IMF calls the Australian economy a “success story”


Australia’s International Monetary Fund mission chief said the Australian economy remains a global “success story” despite the recent recession due to widespread blockades.

Based in Washington DC Harald Finger told Australians He expected a contraction in the September quarter. But he believed that “quick bounces” would continue as soon as the restrictions were lifted.

IMF 2021 economic outlook Australia’s GDP growth has gone from 4.5% to 5.3%. The 2022 forecast has also been raised from 2.8% to 3%.

Estimates were made in June, before the blockades imposed by multiple state governments, and the extent of the impact of the Great Sydney blockade is still unknown.

Finger warned that “the Delta variant poses additional challenges and looks pretty uncertain next year,” but since the release of the full World Economic Outlook report in October, it has been “moderate” to growth. I was only expecting a downgrade.

He also said co-funded financial support in New South Wales required companies to retain employees during the blockade.

“These can be expanded and Australia has a lot of financial headroom, so we can increase our support,” Finger said.

The IMF also said that access to vaccines has emerged as a “major obstacle” to the division of the two blocks in the global recovery, and has urged countries to raise national vaccination rates for a better financial outlook. Advocate.

“”[The two blocs are] Those who can expect further normalization of activity later this year (almost all developed countries) and those who are still facing recurrence of infection and increased deaths from COVID. ” IMF said.. “But as long as the virus circulates elsewhere, recovery is not guaranteed even in countries that are currently very low in infection.”

However, despite low immunization rates in Australia, 17% are now fully vaccinated. Wednesday— The pandemic economy has been driven primarily by exports. In particular, China’s insatiable desire for exported iron ore and other products.

by Latest data According to the Australian Bureau of Statistics (ABS), total exports in June increased by 33% compared to June 2020. This increase was driven by exports of iron-based metal-containing ores, which increased by 59% during that period.

The consumer price index also rose in the June quarter. New figure From ABS, which showed 0.8% growth, driven by rising fuel prices above pre-pandemic levels.

Home prices also fell 0.1% due to the continued impact of HomeBuilder grants and other grants.

“Without these housing subsidies, new homes would have increased by 1.9% due to increased demand-driven material and labor costs,” said ABS Price Statistics Officer. Michelle Marquardt said..

The impact of the two-month blockade of Greater Sydney on the country’s economy can be seen in subsequent statistical releases.