https://arab.news/ckzp5
CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its midyear budget review, according to the country鈥檚 treasurer, Josh Frydenberg.
He said omicron鈥檚 effect, the new COVID-19 variant, is still unclear.
The country鈥檚 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.
France avoids more restrictions
France will try to refrain from the imposition of any health-related restrictions even as virus cases continue to rise, the country鈥檚 Finance Minister Bruno Le Maire said.
France is also avoiding any mandatory vaccination campaigns, Bloomberg reported, citing the minister.
He said two sectors, restaurants and hospitality, were particularly hit by the wave of new cases, adding that they will receive government support.
He also stated the new variant, omicron, is yet to have an effect on the country鈥檚 economic growth.
US growth rate
Unlike other countries, US expected growth rates for both 2021 and next year were trimmed down by Goldman Sachs, one of the world鈥檚 leading investment banks.
It said this downward revision was attributed to a potential adverse effect by omicron, according to Bloomberg.
The world鈥檚 largest economy is now predicted to grow by 3.8 percent in 2021, instead of the previous 4.2 percent forecast. As for next year, the US is set to expand by 2.9 percent, down from 3.3 percent.
Meanwhile, the country鈥檚 unemployment rate plunged to a 21-month low to hit 4.2 percent in November, according to the Labor Department. This is a 2.1 percent drop compared to January鈥檚 level, a considerable decline.
However, employment growth slowed down during the month.
The economy is still expected to experience strong growth in the fourth quarter, following the previous quarter鈥檚 weak performance.