The IMF's latest forecasts were issued as part of its updated World Economic Outlook. Headlines are here:
For Australia, the key points raised buy the Fund:
- Australia's economy will likely be one of the worst-hit economies in the Asian region
- Of the world's 20 largest economies, Australia's performance is forecast to be among the bottom third
- Australia GDP to shrink by 6.7% this year
- Will rebound by 2021, growth of 6.1%
Local press is downbeat on the report with headlines such as:
- Worst since Great Depression: IMF warns of $130b hit to Australia
- IMF predicts deep recession, V-shaped rebound for Australia
AUD rallied overnight though:
