Australia is facing an economic downturn

economic downturn

Australia’s economy is proving to be a victim of the headwinds from the US-China trade war and increasing Brexit tensions as it is now facing a sharp downturn which is also anticipated for the global economy.

The global growth in 2019 had declined once again to three percent, depicting a grave climb down from 3.8 percent two years ago leading to the International Monetary Fund predicting a “synchronized slowdown”.

Increasing trade barriers and higher uncertainty from swirling geopolitical issues ought to be blamed for the slowest pace in growth since the global financial crisis and slowing down manufacturing and global trade and

In its latest World Economic Outlook, the IMF has said that Australia’s economy will weaken to 1.7 per cent growth in 2019, down a full percentage point from 2.7 percent from the previous year.

It was confirmed by Treasurer Josh Frydenberg, in a statement given as a result of the dismal situation that the fundamentals of the Australian economy remain intact however there is a risk of headwinds.

In his defense, he added that Australia has a AAA credit rating, record labor market participation and welfare dependency at its lowest level in over 30 years. Australia has set a record of being the only developed nation with 29 years of consecutive economic growth.

He further added that the international challenges that are being posed are a shocking reminder and reason as to why Australia much stick with its existing economic plan, which will help in delivering lower taxes so that people have more disposable incomes, more infrastructure to create jobs and boost productivity.

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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