Australia to raise its 2022 economic growth forecast – treasurer
Masked customers queue outside a shop in the Newtown suburb in the wake of coronavirus disease (COVID-19) regulations easing, following an extended lockdown to curb an outbreak, in Sydney, Australia, October 22, 2021. REUTERS/Jaimi Joy
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MELBOURNE, Dec 5 (Reuters) – Australia will raise its 2022 economic growth forecast at the mid-year budget review, Treasurer Josh Frydenberg said on Sunday, adding that it is too early to estimate the impact from the Omicron coronavirus variant on the economic outlook.
Frydenberg is due to deliver an update to the budget in coming weeks, halfway through Australia’s fiscal year which ends in June.
Australia’s economy shrank a steep 1.9% in the third quarter as the Delta outbreak put half the population under lockdown, though a speedy recovery is underway as the country sets a world-beating vaccination rates.
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