The upgrade is due to a stronger than expected economic recovery in the second half of last year in many countries. “The arrival of vaccines earlier than expected has really helped this,” Mr Switzer said. “Part of the positivity was the fact that Europe really gave up worrying about the infection problem over their summer, which meant that economic activity in Europe improved but that’s come back to bite them”.
Mr Switzer told Sky News Australia has done “brilliantly” economically in comparison to many other countries, a fact which is reflected in the IMF estimates. “Look at Australia, they reckon that we will be back to our pre-coronavirus level of economic activity sometime this year,” he said. “Where the UK and Japan, they’re saying 2022-2023, so it’s an extraordinary performance by us.
The rich getting billions in no way makes the people of Australia better.
Apologies to Daniel Andrews from any minute now...
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IMF update 'more proof' of Australia's exceptional economic performance | Sky News AustraliaTreasurer Josh Frydenberg has celebrated Australia’s exceptional economic performance in the aftermath of the pandemic reflected in the IMF’s decision to update the nation’s 2021 forecast.\n\nThe International Monetary Fund predicts the nation’s GDP will increase by 4.5 per cent during 2021 and is expecting the nation to bounce back to its pre-pandemic size within weeks.\n\nMr Frydenberg said, “we’ve actually outperformed all major advanced economies over the course of the last year.'\n\nDuring the coronavirus pandemic the UK economy contracted by 10 per cent, Canada by around five per cent and the United States by more than three percent while Australia’s economy only reduced by 2.5 per cent.\n\nThe treasurer said the IMF’s decision to upgrade Australia’s economic forecast is “another proof point of our strong economic recovery” off the back of lower than expected March unemployment numbers.\n\n'To see that unemployment rate come down, to see Australia maintain its triple A credit rating, consumer and business confidence to get back to where it was pre-pandemic … is again another very positive sign.' \n JoshFrydenberg Exceptional economic performance 🤣😂🤣 good one lol JoshFrydenberg Sky News was preaching doom & gloom of economy with State lockdowns. Quite a different soap box now that the fed LNP thinks it has bragging rights. Hypocrisy encarnate. JoshFrydenberg His Doctorate in spin must have come through. So its Dr frightenbuger now.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
IMF says copy Abbott’s budget repair levy, warns against big spending cutsThe IMF has urged countries to use budget repair levies, such as that used by the Abbott government, to fill the deficits left by the coronavirus | swrighteconomy swrighteconomy Another stupid neoliberal nonsense swrighteconomy Debt running at 10% of GDP? Most countries would kill to be in our position. swrighteconomy And like Abbott make sure corporations dont pay any levy
Source: smh - 🏆 6. / 80 Read more »
Copy Abbott’s budget repair levy, says IMFThe IMF has urged countries to use budget repair levies, such as that used by the Abbott government, to fill the deficits left by the coronavirus. * never tax corporations, but. What garbage. This is Abbots budget repair graph. There was zero repair. should point to the IMFNews IMFLive the stupidity of citing the inept Abbott performance A great big new tax!
Source: theage - 🏆 8. / 77 Read more »
Australian economy roaring back from virus, says IMFThe IMF has sharply upgraded its forecasts for Australia, and the rest of the world, predicting a much stronger recovery from the coronavirus recession. 'IMF economic counsellor Gita Gopinath said if not for the extraordinary policy support of governments and central banks, the overall impact of the coronavirus recession would have been three times larger' Strange, but I could not find this reported by the ABC Goes to show we didn't need all those Chinese student's and Migrants after all.
Source: smh - 🏆 6. / 80 Read more »
ASX to struggle after Wall Street slips from record highs; IMF warns of 'uncertain' recoveryAustralian shares are set to open lower as Wall Street struggled for direction on concerns it may be in 'bubble' territory, while the IMF expects the global economy to make a stronger recovery in 2021 despite the 'exceptional uncertainty'.
Source: abcnews - 🏆 5. / 83 Read more »