Analysis by Region - Asia Pacific
Australian economic data released over the past month have come in broadly as expected. The labour market continues to perform well, with the March unemployment rate holding steady at 4%. Still, hours worked continue to be disrupted by high COVID case numbers. While the volatility in commodity prices has seen the trade surplus shrink, the impact on volumes is likely to be muted. The Federal budget will provide more support to households than we had expected, prompting a slight upgrade to our consumption and growth outlook in 2020. We now forecast GDP growth of 4.1% in 2020 (from 3.8%), moderating to 3.7% in 2023.
- Australia: Change in RBA tone and looser budget bring forward rate hikes
- Forecast overview
- Recent developments
- Short-term growth outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic Risk Evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Long-term prospects
- Background
- Economic development
- Structure of the economy
- Politics
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