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RBA Anticipates Worst and First Recession in 30 Years

  • May 08, 2020 03:10 PM AEST
  • Team Kalkine

Reserve Bank of Australia (or RBA) anticipates economy contraction by 10 per cent in the first half of 2020 and further estimates that the unemployment could peak at 10 per cent.

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  • RBA further stated that the economy is on its way to the worst recession ever, and Australia’s first in over the last 30 years.
  • RBA restated that it would do whatever necessary to support jobs, incomes, and businesses as plans to fully restart the economy by July reaches the final stage.
  • RBA projects the unemployment to balloon by 10 per cent in June and however around 7.5 per cent through 2021.

 


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