MacroBusiness
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Via Westpac:
Economic outlook/forecasts
The economic growth forecasts have been upgraded with conditions rebounding more quickly than anticipated as the virus was brought under control – at least for now. At the same time, the iron ore price is defying gravity.
The profile for output growth, which brings forward the timing of the reopening effect, is now: 2020/21, +0.75% (upgraded from -1.5%); 2021/22, 3.5% (moderated from 4.75%); 2022/23, 2.50% (lowered by 0.25%); and 2023/24, 2.75% (also lowered by 0.25%).
Westpac’s forecasts for output growth for this financial year and next are not greatly different from the Government, at 0.3% for 2020/21 (vs the 0.75%) and 4.1% for 2021/22 (vs the 3.5%).