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Australia: The economy is expected to grow by 4.8% in 2021

UOB Group economists look at the Australian economy.

Important quotes

“The Australian economy grew by 1.8% q / q in the first quarter, well above the expectations of 1.5% q / q, but at a slower rate than in the previous quarter (although it was revised by 3.2% q / q, which will allow the Australian economy to recover to pre-epidemic levels. . “

“Australia’s ability to control the COVID-19 situation helped the economic recovery, which boosted consumer and business confidence. However, the slowdown in adoption of a risk-averse vaccine for perspective has resulted in Victoria imposing the second highest COVID-19 cases in the country in about three months, beginning this week. A curfew order was issued on May 27 after the report and forced seven million residents to stay home except for important matters.

“Some epidemics, such as deferrals of debt and the government’s job-keeper’s salary subsidy, have been canceled, which expired by the end of the first quarter.”

“Looking ahead, we continue to see the Australian economy continue to shift to a very normal growth rate beyond the recovery period, keeping in mind that economic support is still coming from both monetary and monetary policy. Based on these numbers, we have boosted our GDP for the entire year from 2021 to 4.8%. , But our estimate of 3.2% for 2022 remains unchanged. “