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Economic Impact COVID-19: Australian Economic Forecast

• Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner

The OECD (Organisation for Economic Co-operation and Development) is expecting the Australian economy to contract 4.1% in 2020 which is an improvement on the 5.0% contraction forecast published back in June.

Worldwide GDP (Gross Domestic Product) is also forecast to contract less, the OECD is now forecasting 4.5% contraction instead of the 6.0% published in June.

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