Economy

Australia’s manufacturing future is not its past

In capitalising on this opportunity, no one could claim our past experience has been an unalloyed success. While Australia has enjoyed almost 30 years of continuous economic growth, this record has been marred in more recent times by a productivity slowdown, wage stagnation and increasing social inequality. And now we must face the prospect of a deep recession. Moreover, Australia ...

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Business groups see economy shrinking 5%-8% this year

Thailand›s economy is expected to contract between 5%-8% this year, deeper than the 3%-5% contraction projected in May, due to the impact of the coronavirus outbreak, a group of the country›s leading business associations said on Wednesday. Despite the easing of virus restrictions, most economic indicators declined in May and June, weighed by the weak purchasing power of households and ...

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Australian economy will need up to $90bn extra after coronavirus shock, report says

Australian governments need to pour an extra $70bn to $90bn into stimulus and support measures to help the nation weather the biggest economic shock since the second world war, according to a new report. Setting out a wide-ranging agenda for the next six months, the Grattan Institute argues governments need to phase out coronavirus-related emergency support measures more slowly than ...

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Australia central bank urges ongoing government stimulus for economy

Australia’s economy will need “considerable” support for some time, Reserve Bank of Australia Deputy Governor Guy Debelle said on Tuesday, adding it would be a “problem” if the government ended fiscal stimulus in September as initially flagged. Australia’s fiscal response to the coronavirus pandemic is among the biggest in the world at almost 10% of gross domestic product. It comes ...

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Taiwan economy forecast to shrink 1% in 2020

Taipei, June 3 (CNA) Singapore-based DBS Bank on Wednesday retained its forecast of a 1 percent contraction of Taiwan’s gross domestic product (GDP) in 2020, citing the impact of the COVID-19 pandemic. In a statement, DBS said Taiwan’s economic development in the second half of the year is likely to remain under the shadow of a deteriorating job market, in ...

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Recovery plan to protect Islanders and restart the economy

The council has pledged to work closely with the local community and businesses to form a bespoke strategy capable of securing an effective and long-lasting economic recovery — while at the same time keeping Islanders ‘Covid-secure’. Council leader Dave Stewart said: “Since the start of the pandemic, our work has focused on protecting the local community and minimising the impact ...

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Remote Working Proves Unexpected Hero as Half of US Economy Shifts to Home Offices

As economists scramble to assess the devastating impact of the coronavirus, they’re homing in on an unexpected hero that’s mitigating the damage in the U.S.: remote working. With offices across the country closed and people stuck in their homes, many professional workers have accomplished a not-seamless but ultimately successful transition to online workplaces — allowing those in crucial industry sectors ...

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What the general election result means for the UK economy, according to three economists: how it will affect jobs, Brexit and growth

The Conservatives’ large majority will give the economy some much-needed breathing space over the next six months. Business confidence should recover, now that a no-deal Brexit isn’t a risk in January 2020 and the outlook for domestic policy over the next five years is relatively clear. Many firms will be able to invest, knowing that corporation tax likely won’t rise, ...

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We just got a stark warning that the US economy is slowing as trade tensions persist

economy is still taking hits from the US-China trade war. Overall sales increased 0.2% last month, according to the Commerce Department, falling under the 0.5% consensus estimate from economists surveyed by Bloomberg. The metric was dragged lower by declines in the apparel and restaurant industries, hinting at weakening consumer spending trends as the year comes to a close. October’s figure ...

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