S&P Global Introduces New National Credit Rating Scale for Saudi Arabia

Countries Tackle Economic Woes Amid Omicron Fears And Revised Growth Outlook: Economic Conclusion

CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its biannual budget review, according to the country’s treasurer Josh Frydenberg.

He said the effect of omicron, the new variant of COVID-19, is still not clear.

The country’s fiscal year runs until June.

Australia’s economy contracted 1.9% in the third quarter of this year due to the delta variant which led to a nationwide lockdown.

However, the treasurer said the country now enjoys one of the highest vaccination rates in the world, improving market conditions.

France avoids more restrictions

France will try to refrain from imposing health-related restrictions even as cases of the virus continue to rise, the country’s Finance Minister Bruno Le Maire said.

France is also avoiding any compulsory vaccination campaign, Bloomberg reported, citing the minister.

He said two sectors, catering and hospitality, have been particularly affected by the wave of new cases, adding that they will receive government support.

He also said the new variant, the omicron, has yet to have an effect on the country’s economic growth.

american growth rate

Unlike other countries, the expected growth rates in the United States for 2021 and next year have been slashed by Goldman Sachs, one of the world’s leading investment banks.

He said the downgrade was attributed to a potential negative effect from omicron, according to Bloomberg.

The world’s largest economy is now expected to grow 3.8% in 2021, down from the 4.2% previously forecast. As for next year, the United States is expected to grow 2.9%, down from 3.3%.

Meanwhile, the country’s unemployment rate plunged to its lowest level in 21 months to hit 4.2% in November, according to the Labor Department. This is down 2.1% from January’s level, a significant drop.

However, job growth slowed during the month.

The economy is expected to experience further strong growth in the fourth quarter, following the weak performance of the previous quarter.

About George M. Lovelace

Check Also

Developers cut down on Cobblestone program in an attempt to get the green light

According to the architects of the project, the scaled-down plans for a hotel above the …