IMF update ‘more proof’ of Australia’s exceptional economic performance

Treasurer Josh Frydenberg has celebrated Australia’s exceptional economic performance in the aftermath of the pandemic reflected in the IMF’s decision to update the nation’s 2021 forecast. The International Monetary Fund predicts the nation’s GDP will increase by 4.5 per cent during 2021 and is expecting the nation to bounce back to its pre-pandemic size within weeks. Mr Frydenberg said, “we’ve actually outperformed all major advanced economies over the course of the last year." During the coronavirus pandemic the UK economy contracted by 10 per cent, Canada by around five per cent and the United States by more than three percent while Australia’s economy only reduced by 2.5 per cent. The treasurer said the IMF’s decision to upgrade Australia’s economic forecast is “another proof point of our strong economic recovery” off the back of lower than expected March unemployment numbers. "To see that unemployment rate come down, to see Australia maintain its triple A credit rating, consumer and business confidence to get back to where it was pre-pandemic … is again another very positive sign."