Australia raises its economic growth forecast for 2022

Melbourne (Reuters)-Australian Treasury Secretary Josh Friedenberg said on Sunday that Australia will raise its economic growth forecast for 2022 in the mid-year budget review, adding that it now estimates the impact of the Omicron coronavirus mutation on the economic outlook It’s too early.

Frydenberg will release a budget update in the next few weeks, which is half of the Australian fiscal year that ends in June.

Due to the delta epidemic that put half of the population in lockdown, the Australian economy shrank sharply by 1.9% in the third quarter, but because the country has set a world-class vaccination rate, the Australian economy is recovering rapidly.

“The market is picking up strongly,” Friedenberg said in an interview with the ABC’s “Insider” program, noting the number of employment and retail sales growth.

“This is because we now have one of the highest vaccination rates in the world and one of the lowest mortality rates in the world.”

Health data shows that 88% of Australians over the age of 16 have been fully vaccinated, and nearly 93% have received a dose of the vaccine.

When asked whether the new variant Omicron, also circulating in Australia, would pose a threat to the economic outlook as the IMF pointed out, Friedenberg said there should be no panic.

Frydenberg said: “It is too early to make any decisive decisions or estimates on the economy based on Omicron’s results.”

He did not specify whether the expected growth upgrade will take place in the fiscal year 2022 calendar year beginning in July. The budget released in May predicted a 4.5% growth in the 2021-22 fiscal year, and then slowed to 2.5% in the second year.

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