Please try another search
Economic Indicators6 hours ago (Jun 27, 2021 09:35AM ET)
© Reuters. FILE PHOTO: A woman scans a QR check-in code at a coronavirus disease (COVID-19) testing centre behind the Kings Park townhouse complex, locked down in response to an outbreak, in Melbourne, Australia, June 16, 2021. REUTERS/Sandra Sanders
By Colin Packham
CANBERRA (Reuters) – Australia lowered its projections on Sunday for population and economic growth over the next 40 years due to the impact of the COVID-19 pandemic.
Canberra closed its international borders in March 2020 to all but citizens and permanent residents in an attempt to prevent the spread of the virus. The government says it will only reopen to migrants when it believes it is safe to do so.
Australia now expects its population to total 38.8 million by 2061, down from its last forecast in 2015 estimate when it saw it hitting 40 million by 2056. Its population currently totals 26 million.
“The economy will be smaller and Australia’s population will be older than it otherwise would have been, with flow-on implications for our economic and fiscal outcomes,” Australia’s Treasurer Josh Frydenberg will say on Monday, according to extracts of a speech seen by Reuters.
Population growth has been the primary driver of Australia’s economic growth in recent decades.
But with growth slowing and its population growing older. Canberra said it now expects its economy to grow at 2.6% a year over the next 40 years, compared with its previous forecast of 3% a year.
Related Articles
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.