It’s going to be a rocky road but Australia will avoid a recession this year according to the global financial agency, the IMF. The economic report card comes amid renewed hope that the lucrative Chinese market could reopen to our producers. Subscribe and 🔔: | Get more breaking news at 9News.com.au:

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The International Monetary Fund (IMF) has predicted that Australia will manage to avoid a recession this year, despite the challenges posed by the ongoing COVID-19 pandemic. This is great news for the country, as a recession would have significant implications for the economy and people’s lives.

The IMF’s prediction is largely based on Australia’s strong policy response to the pandemic. The government launched a range of measures to support businesses and individuals, including wage subsidies and cash payments. This has helped to cushion the economic impact of the pandemic and keep businesses afloat.

In addition, the IMF noted that Australia’s healthcare system has been effective in containing the spread of COVID-19. Compared to many other countries, Australia has had relatively low rates of infection and mortality. This has helped to maintain public confidence and support the economy, as people feel safer going about their daily lives.

However, the IMF warned that the pandemic is not over yet and that there are still risks to the economy. One major concern is the possibility of new outbreaks, which could lead to renewed lockdowns and business closures. Another issue is the ongoing international travel restrictions, which are hampering Australia’s tourism and education sectors.

Despite these challenges, the IMF remains optimistic about Australia’s prospects. It predicts that the economy will grow by 4.5% in 2021, and that unemployment will fall to around 6%. These are positive signs for the country, but there is still work to be done to ensure a strong and sustainable recovery.

In summary, the IMF’s prediction that Australia will avoid a recession this year is welcome news for everyone in the country. It reflects the success of the government’s policy response to the pandemic, as well as the resilience of the healthcare system. However, there are still challenges to overcome, and continued vigilance will be needed to ensure that the economy remains on track.