Australian central bank cuts growth and jobs forecasts
RBA forecasts 10% unemployment by year’s end as official says recovery will be ‘uneven’
The Reserve Bank of Australia has cut its forecasts for unemployment and growth, warning the country’s recovery from the pandemic is likely to be uneven.
“The recovery is expected to be slow and uneven and GDP will probably take several years to return to the trend path expected prior to the virus outbreak,” said RBA assistant governor Luci Ellis, as the RBA published its quarterly monetary policy report.
The RBA maintained its forecast for the economy to contract by 6% this year. However, it
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