Coronavirus Outbreak: Australian Economy to Observe Negative Growth in Q1 CY20

  • Feb 12, 2020 AEDT
  • Team Kalkine

Amidst aggravating concerns over coronavirus outbreak, UBS expects the Australian economy to contract by 0.1 per cent in the first quarter of year 2020. Moreover, it expects a 30 per cent drop in China’s total outbound travel this year, making first quarter contraction more severe.

UBS projections came up after the recent economic growth forecasts announced by the RBA, which highlighted:

  • Australian economy is likely to grow by 2 per cent over the year ended June 2020, below its previous forecast of 2.25 per cent.
  • Coronavirus and bushfires are expected to weigh on the nation’s economic growth for the year ended June 2020.
  • Bushfires is likely to drag GDP growth by 0.2 per cent in Dec’19 and Mar’20 quarters.

 

 

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