“The shock this time is a lot sharper, very very quick, because governments have had … to voluntarily close down the economy, well we’ve never seen that before…(but) the difference this time is we think we can sort of see a way out of this.”
That’s the view of Bill Evans, Westpac’s chief economist since 1991, when asked in a new Westpac Wire podcast how the hit to the economy is likely to compare to the early 1990s recession, and what that means for consumers and businesses.
In the podcast, which replaced his regular monthly “Bill’s Bites” take on the economy, he also discusses his latest forecasts – which include the unemployment rate rising to 9 per cent – plus this week’s speech from Reserve Bank Governor Philip Lowe, Australia’s response to COVID-19, the impact on the property market and what data to watch going forward.
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