Australia’s economic recovery from the COVID-19 pandemic is underway. The bitter aftermath includes the increase in unemployment and an increase in government debt. The problem this project seeks to address is what economic trends we can see currently see and what we can expect in Australia during a post-pandemic world. Shifts in the stock market can affect the value of individual savings and pensions. In response to stock falls, central banks in many countries including Australia slashed interest rates making borrowing cheaper and encouraging them to spend more to boost the economy. The travel industry has been severely damaged while the oil demand dried up worldwide. Many people have lost their jobs and the income is cut due to the COVID-19 pandemic. IMF predicts that the economy will shrink globally by 3% by the end of the year 2020 where we can expect the worst decline since the last great depression of the year 1930. Looking at these impacts on a larger scale, our analysis can help anyone who lives in Australia to understand the current and emerging trends within the industries to prepare themselves for upcoming challenges as well as opportunities in a world suffering and trying to recover from the COVID-19 pandemic.
Refer the Referances in the report
Report.pdf
COVID-19 Impact on Australian Economy.pbix
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