Australia’s economy to grow at the fastest pace since 2007 amid covid win – Reuters poll

The Australian economy is expected to rejoice its COVID-19 win by expanding at the fastest pace since 2007, a Reuters poll of 34 economists showed on Tuesday.

Key findings

“At a time when most major economies are battling a fresh wave of coronavirus cases, Australia has largely curtailed the outbreak, counting only about 30,000 local infections and 910 deaths since the start of the pandemic.”

“In 2020, on average, the UK economy contracted 10%, the eurozone by well over 6%, Japan by 5% and the U.S. by more than 3%.”

“After contracting at a much slower pace than its peers at around 2.5% last year, Australia's A$2 trillion economy was forecast to expand on average by 4.4% this year and 3.2% in 2022 (vs. 3.5%; 3.0% in the January poll).”