Economic Impact of COVID-19 on Australia and its Policy Response

ambarish — Mon, 01 Jun 2020 14:00:58 +0000

The COVID-19 pandemic has negatively impacted Global economic activity. No country whether advanced, emerging or developing has remained untouched from slowing economic growth, rising job losses and increasing human cost. In this series we will be exploring what has been economic impact of COVID-19 on a country’s economy and what policy measures being taken by governments during this period of crisis.

Today we will be focusing on economic impact of COVID-19 pandemic on Australia. We will also be taking a look at the social, fiscal, monetary and employment related policy measured taken by Australian government under following sections –

Impact of COVID-19 on Australian Economy in 2020
Coronavirus (COVID-19) Containment Measures of Australia
Coronavirus (COVID-19) Related Fiscal Policy Measures by Australia
Coronavirus (COVID-19) Related Monetary Policy Measures by Australia
Coronavirus (COVID-19) Related Employment Policy Measures by Australia
Coronavirus (COVID-19) Related Social Policy Measures by Australia

We have covered various macroeconomic factors and PESTLE (political, economic, social, technological, legal, and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and risk analysis for Australia in separate market research reports.

1. Impact of COVID-19 on Australian Economy in 2020

Australia’s real gross domestic product (GDP) was AUD 1871.51 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 6.665% to be around AUD 1746.77 billion in 2020.

Australia’s unemployment rate was 5.183% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 31.99% and reach 7.621% in 2020. Unemployment is further...

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