Economists predict that the Australian economy may have contracted in December for the first time since the COVID-19 pandemic. Treasurer Jim Chalmers warns that GDP growth figures expected next week are likely to be weak.
The Australian economy may have contracted in December for the first time since the depths of the COVID-19 pandemic, economists say, as Treasurer Jim Chalmers warns GDP growth figures due next week are expected to be weak. While Westpac expects the economy grew by 0.2 per cent in the three months to December, Dr Ellis said there were clear downside risks to this forecast. Data released on Wednesday showed that residential construction work volumes fell by 5.
2 per cent in the three months to December, which should shave about 0.3 percentage points from quarterly GDP growth figures due on March 6. Dr Chalmers warned his international counterparts at the G20 economic ministers meeting in São Paulo on Thursday morning that a soft landing for the global economy was not assured
Australian Economy Contraction COVID-19 Pandemic GDP Growth Weak Forecast Downside Risks Residential Construction Global Economy
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