Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap
CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its midyear budget review, according to the country’s treasurer, Josh Frydenberg.
He said omicron’s effect, the new COVID-19 variant, is still unclear.
The country’s fiscal year runs until June.
The Australian economy narrowed by 1.9 percent in the third quarter of this year on the back of the delta variant which led to a national lockdown.
However, the treasurer said the country now enjoys one of the highest vaccination rates in the world, boosting market conditions.
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