Australian economy likely already slowing in Q2 before Delta downturn – Reuters poll
The Australian economy is likely to slow down its pace of expansion in the second quarter even before the Delta covid variant-led lockdowns hampered the countries business and jobs, the latest Reuters poll of economists showed Monday.
Key takeaways
“There is even a non-trivial chance the economy is already in a recession should Wednesday's data on the gross domestic product (GDP) match the weakest market forecast. “
“The median call is for growth of 0.5% in the June quarter, while forecasts ranging from a 0.1% fall to the growth of 1.2% underline the uncertainty of the age.”
“That would be a further step down from 1.8% in the March quarter and a heady 3.2% in the last quarter of 2020.”
“The central bank may decide not to trim its bond-buying as planned in September, but with interest rates already at all-time lows of 0.1% there is little more it can do.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
