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The Australian Economy in 2020–21: The COVID‐19 Pandemic and Prospects for Economic Recovery
Author(s) -
Lim Guay,
Nguyen Viet,
Robinson Tim,
Tsiaplias Sarantis,
Wang Jiao
Publication year - 2021
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12405
Subject(s) - covid-19 , pandemic , economics , gross domestic product , productivity , economic recovery , fiscal policy , product (mathematics) , economic policy , macroeconomics , medicine , geometry , mathematics , disease , pathology , virology , biology , outbreak , infectious disease (medical specialty)
This article summarises developments in the Australian economy in 2020. It describes the economic growth and labour market ramifications associated with COVID‐19, and the fiscal and monetary policies implemented to help counter its effects. COVID‐19 has resulted in considerable slack in an economy that was weak pre‐pandemic. While current policies are appropriately focused on stimulating demand and supporting employment, existing challenges such as weak growth in productivity, gross domestic product and real wages are also likely to remain relevant post‐pandemic.