The New Year has arrived, and the potential economic impact is still underway. Many factors are still in play such as the Omicron. Could Australia handle the potential economic risk that 2022 has to offer?
Economy and Employment
Economic recovery is expected to resume and Australian businesses have upgraded their investment intentions. Despite uncertainty around Omicron's impact, the Reserve Bank of Australia estimated a 5.5% economic growth rate.
Employment is expected to recover after massive job losses due to nationwide lockdown. Unemployment rate is anticipated to be less than 5% and may even fall below 4%. The economy is slated to reach full employment.
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Wage Growth, Inflation, and Interest Rates
The government estimate...
