Australia is facing tough times ahead, as experts warn that the country would be in a recession without the help of migration. With the ongoing COVID-19 pandemic wreaking havoc on the economy, Australia’s reliance on migrants to stimulate growth has never been more apparent.

According to a report by the Committee for Economic Development of Australia (CEDA), migration has been a key contributor to Australia’s economic success in recent years. Without the influx of skilled workers and international students, the country would be facing a much bleaker economic outlook.

In 2020, Australia experienced its first recession in almost three decades, with GDP contracting by 7% in the June quarter alone. The country’s unemployment rate also soared to 7.4%, the highest level in over two decades. With borders closed to international travelers and migrants, Australia has lost a vital source of economic growth.

Migration has long been a driving force behind Australia’s economic prosperity. Skilled migrants bring much-needed expertise and innovation to various industries, while international students contribute billions of dollars to the economy each year. Without these contributions, Australia would struggle to maintain its standard of living and quality of life.

The government has recognized the importance of migration in driving economic growth and has implemented several measures to attract skilled workers and international students. However, the ongoing pandemic has severely impacted migration levels, with borders closed and travel restrictions in place.

As Australia grapples with the economic fallout of the pandemic, experts warn that the country must find alternative sources of growth to avoid a prolonged recession. While the government has introduced stimulus measures to support the economy, migration remains a crucial component of Australia’s economic recovery.

It’s clear that Australia is facing a tough year ahead, with the country’s economic future hanging in the balance. Without the contributions of migrants, Australia would be in a much worse position. As the world continues to navigate the challenges of the COVID-19 pandemic, Australia must adapt and innovate to ensure its economic resilience and prosperity in the years to come.

BREAKING: Recession News

LEARN MORE ABOUT: Bank Failures

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing