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Australia to escape worst of recession but faces debt mountain: IMF – Sydney Morning Herald

The IMF has upgraded its forecasts for the Australian economy but much still hinges on the creation of a safe and widely available vaccine.



Globally, the economies of rich nations are expected to contract by 5.8 per cent this year and then grow by 3.9 per cent in 2021. By 2021, growth will be back to 1.7 per cent with Australia tipped to be at 2.5 per cent.
The subdued growth will translate into more debt. Before the coronavirus outbreak, Australia’s general government debt was 46.3 per cent of GDP with 13 nations having lower levels of debt.
By 2025, Australian debt is expected to be at 70.9 per cent of GDP with 18 countries hold…

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