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  • Mon. Nov 4th, 2024

Coronavirus is holding the economy captive– and the Victoria circumstance won’t assist

Coronavirus is holding the economy captive– and the Victoria circumstance won’t assist

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus.

The spike in Victorian infection rates and the closure of the NSW/Victorian border will do obvious damage to Australia’s economic development. The 2 states contribute more than 40 per cent to total economic development.

But the total financial impact is impossible to anticipate today since there are a lot of variables and moving parts, however are adequate to state that if there’s a Melbourne-wide financial shutdown, the economic shock will be felt throughout the nation.

Most state economies are expected to shrink around 3 per cent this year due to the pandemic.

Many state economies are expected to diminish around 3 percent this year due to the pandemic.( Supplied: Deloitte)

” The risk of a second wave is not almost things closing down, it’s in fact the impact on consumer and service self-confidence,” Grattan Institute CEO Danielle Wood states.

” I believe the signal that sends out, that we’re far from out of the woods here, is truly what’s going to develop the financial damage.”

More task losses

Numerous Australians are feeling the nasty effects of coronavirus through the tasks market. Whether your position’s been made redundant, or you’re out of wo

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