A viral epidemic emanating from China could shave 0.2 percentage points off Aust...
SYDNEY - A viral epidemic emanating from China could shave 0.2 percentage points off Australia’s economic growth in the current quarter with its spillover effects seen larger than the 2003 SARS outbreak, the country’s top central banker said on Friday.
The Reserve Bank of Australia has also ramped up focus on its business liaison program to get a better handle on the impact on the A$2 trillion economy, with tourism and education sectors seen the worst hit. The outbreak is inflicting a growing toll on businesses and consumers in the world’s second-largest economy, prompting China’s central bank to step up policy support including lower interest rates.
When asked if the hit to Australia’s economy would be worse than SARS, Lowe said, “Given what we know at the moment, I think that is true.”
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