Aussie economy fares better on controlled COVID-19 outbreak

The Australian economy’s emergence from its coronavirus-driven downturn will come faster and more robust than what was initially thought, the government predicted on Thursday. This is expected as the virus-beaten country managed to control the spread of the coronavirus.

According to Treasurer Josh Frydenberg, the economy down under will expand 4.5% in 2021, placing higher than the initial estimate of 4.25% made in October. Meanwhile, the unemployment rate of 10% is expected to ease around 5.25% within 4 years.

The upbeat forecasts followed after Australia’s conservative government rendered A$300 billion for emergency stimulus to support economic activity through virus-related measures. More so, it has been effective in combatting unemployment since the fiscal spending came from the government’s wage subsidy program.