Monday, January 25, 2021
Ghana Today
  • Home
  • News
    A Great Asset For Ghana Football: Ghanatoday.net

    A Great Asset For Ghana Football: Ghanatoday.net

    Breaking News: Sellas Tetteh resigns as head coach of Sierra Leone – Ghana Latest Football News, Live Scores, Results: Ghanatoday.net

    Two cases of coronavirus confirmed in Ghana: Ghanatoday.net

    Two cases of coronavirus confirmed in Ghana: Ghanatoday.net

    Govt tightens border checks as coronavirus spreads: Ghanatoday.net

    COVID-19: Ghana confirms two cases: Ghanatoday.net

  • Politics
    Ghana honours ex-president John Jerry Rawlings

    Ghana honours ex-president John Jerry Rawlings

    Ga North MCE, Gertrude Naa Ankrah is DEAD

    Ga North MCE, Gertrude Naa Ankrah is DEAD

    Sarah Huckabee Sanders: The Trump defender enters political race

    Sarah Huckabee Sanders: The Trump defender enters political race

    Get more women into governance, Mr President !

    Get more women into governance, Mr President !

  • Entertainment
    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    At CES 2020 Panasonic Demonstrates the Future

    At CES 2020 Panasonic Demonstrates the Future

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

  • Lifestyle
    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Ghana is listed! – Graphic Online

    Ghana is listed! – Graphic Online

    4 Skin-Care Trends That Are Going To Be Everywhere In 2021

    4 Skin-Care Trends That Are Going To Be Everywhere In 2021

    5 Epic Eye Art Trends That You *Need* to Try Out ASAP

    5 Epic Eye Art Trends That You *Need* to Try Out ASAP

  • Africa

    More than 10 countries in Africa report COVID-19 cases

    The Dance: the South Africans who finish high school against all odds | Global development

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    The fight for west Africa’s fish

    The fight for west Africa’s fish

  • Business
    Cameroon confirms first case of coronavirus-Ghanatoday.net

    Ghana records nearly 2,000 new COVID-19 infections in three days-Ghanatoday.net

    ‘Fearsome’ journalist Raymond Archer breaks long silence since McDan demolition-Ghanatoday.net

    ‘Fearsome’ journalist Raymond Archer breaks long silence since McDan demolition-Ghanatoday.net

    PWDs small business owners to receive support through accelerator program-Ghanatoday.net

    PWDs small business owners to receive support through accelerator program-Ghanatoday.net

    Government Must Reject The Attempt by IPPs To Manage ECG-Ghanatoday.net

    Government Must Reject The Attempt by IPPs To Manage ECG-Ghanatoday.net

  • Viral News
  • Videos
    Promasidor Ghana Limited builds borehole for Domeabra community – AM News on JoyNews (24-8-20)-ghanatoday.net

    Promasidor Ghana Limited builds borehole for Domeabra community – AM News on JoyNews (24-8-20)-ghanatoday.net

    Hip Hop Pioneer Doug E. Fresh Gives Real Talk in Ghana-ghanatoday.net

    Hip Hop Pioneer Doug E. Fresh Gives Real Talk in Ghana-ghanatoday.net

    ONGAlicous Ghana cooks Is Back!!!-ghanatoday.net

    ONGAlicous Ghana cooks Is Back!!!-ghanatoday.net

    Ghana mine workers' union demands full disclosure of Agyapa royalties deal | Business Dashboard-ghanatoday.net

    Ghana mine workers' union demands full disclosure of Agyapa royalties deal | Business Dashboard-ghanatoday.net

No Result
View All Result
  • Home
  • News
    A Great Asset For Ghana Football: Ghanatoday.net

    A Great Asset For Ghana Football: Ghanatoday.net

    Breaking News: Sellas Tetteh resigns as head coach of Sierra Leone – Ghana Latest Football News, Live Scores, Results: Ghanatoday.net

    Two cases of coronavirus confirmed in Ghana: Ghanatoday.net

    Two cases of coronavirus confirmed in Ghana: Ghanatoday.net

    Govt tightens border checks as coronavirus spreads: Ghanatoday.net

    COVID-19: Ghana confirms two cases: Ghanatoday.net

  • Politics
    Ghana honours ex-president John Jerry Rawlings

    Ghana honours ex-president John Jerry Rawlings

    Ga North MCE, Gertrude Naa Ankrah is DEAD

    Ga North MCE, Gertrude Naa Ankrah is DEAD

    Sarah Huckabee Sanders: The Trump defender enters political race

    Sarah Huckabee Sanders: The Trump defender enters political race

    Get more women into governance, Mr President !

    Get more women into governance, Mr President !

  • Entertainment
    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    At CES 2020 Panasonic Demonstrates the Future

    At CES 2020 Panasonic Demonstrates the Future

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

  • Lifestyle
    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Ghana is listed! – Graphic Online

    Ghana is listed! – Graphic Online

    4 Skin-Care Trends That Are Going To Be Everywhere In 2021

    4 Skin-Care Trends That Are Going To Be Everywhere In 2021

    5 Epic Eye Art Trends That You *Need* to Try Out ASAP

    5 Epic Eye Art Trends That You *Need* to Try Out ASAP

  • Africa

    More than 10 countries in Africa report COVID-19 cases

    The Dance: the South Africans who finish high school against all odds | Global development

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    The fight for west Africa’s fish

    The fight for west Africa’s fish

  • Business
    Cameroon confirms first case of coronavirus-Ghanatoday.net

    Ghana records nearly 2,000 new COVID-19 infections in three days-Ghanatoday.net

    ‘Fearsome’ journalist Raymond Archer breaks long silence since McDan demolition-Ghanatoday.net

    ‘Fearsome’ journalist Raymond Archer breaks long silence since McDan demolition-Ghanatoday.net

    PWDs small business owners to receive support through accelerator program-Ghanatoday.net

    PWDs small business owners to receive support through accelerator program-Ghanatoday.net

    Government Must Reject The Attempt by IPPs To Manage ECG-Ghanatoday.net

    Government Must Reject The Attempt by IPPs To Manage ECG-Ghanatoday.net

  • Viral News
  • Videos
    Promasidor Ghana Limited builds borehole for Domeabra community – AM News on JoyNews (24-8-20)-ghanatoday.net

    Promasidor Ghana Limited builds borehole for Domeabra community – AM News on JoyNews (24-8-20)-ghanatoday.net

    Hip Hop Pioneer Doug E. Fresh Gives Real Talk in Ghana-ghanatoday.net

    Hip Hop Pioneer Doug E. Fresh Gives Real Talk in Ghana-ghanatoday.net

    ONGAlicous Ghana cooks Is Back!!!-ghanatoday.net

    ONGAlicous Ghana cooks Is Back!!!-ghanatoday.net

    Ghana mine workers' union demands full disclosure of Agyapa royalties deal | Business Dashboard-ghanatoday.net

    Ghana mine workers' union demands full disclosure of Agyapa royalties deal | Business Dashboard-ghanatoday.net

No Result
View All Result
Ghana Today
No Result
View All Result
Home Politics

It’s time our political leaders face reality and admit Australia is in a deep recession | Greg Jericho | Business

June 27, 2020
in Politics


There comes a point when the impact of a recession fully hits – when you realise this is not just some blip that lasts a few months and then we all carry on. Recessions last and their impact continues for years. This week the IMF released new figures which seemingly provide some good news but actually serve to show just how terrible the future is looking.


Since the virus hit there has been a belief, maybe a hope, that this was just a momentary thing. Sure, the fall would be sharp and deep, but the recovery would be fast coming.

You could hear it in the talk of “snap back” from the prime minister and treasurer.

There was almost a sense that this recession is not really a recession – because this was driven by health, not the economy. The underlying economy, this argument went, was solid (the foundations were strong!), and thus once those restrictions were dispensed with, we would be back as good as ever.

The problem was that the foundations were not strong (productivity growth, household incomes and the domestic private sector were all flat-lining). Just because the causes of this recession were unusual does not alter the fact that all recessions bring with them massive job losses and a fall in production.

And this recession is the worst we have seen since the Great Depression.

This week the IMF issued a revised set of estimates for GDP growth this year and the next.

And there was some good news to be had.

Josh Frydenberg, as you would expect, was all over the good news.

He tweeted that “Australia is the only developed nation to have its 2020 growth forecast upgraded by the IMF.”

This is true. In April the IMF forecast our GDP this year would fall by 6.7%; now it estimates it will “only” fall by 4.5%.

Unfortunately though, the treasurer neglected to point out that, other than Malaysia, Australia had the biggest growth forecast downgrade for 2021.

In April the IMF estimated our economy would “bounce” back in 2021 with 6.1% growth; now it sees just 4%.

Overall, the IMF’s changed estimates are such that they expect our economy at the end of 2021 to be virtually the same size they were expecting it to be in April. Hardly a ringing endorsement that government policies are doing better than expected.

What this means is we need to very quickly disabuse ourselves of the notion that the economy will “snap back” in 2021 and all will be well.

Under these latest forecasts Australia’s economy next year would be 0.7% smaller than it was last year. That is the first time since 1983 that our economy would be smaller than it was two years earlier.

But even that rather hides the impact.

In October the IMF estimated that for the next five years our economy would grow by around 2.5% each year. That is pretty miserable growth, but it was largely in line with the average since the GFC.

But now, even with these new and improved estimates for our economy, by the end of next year we are still tracking to be 5.3% below where we were expected to be.

That is the equivalent of around $105bn less being produced – or roughly the total amount produced in a year by the entire manufacturing industry.

That is a chasm of economic waste.

If the economy was to keep growing at (a very strong) 4%, it would take us until 2025 to get back level with where we were expected to be before the virus. If it grows at the more realistic 3% from 2022 onwards, we will not get back on par until well into the 2030s.

The debate very much needs to shift from the language being used in January and February.

Forget “fundamentals being strong” and “sensible budget management”. It was spin then; it is just embarrassingly irrelevant now.

We are in a deep recession and the political and policy debate needs to recognise this fact.

• Greg Jericho writes on economics for Guardian Australia





Source link

Tags: all ghana newscelebrity news ghanacitinewsroomcurrent affairs issues in ghanadaily graphic jobsdaily graphic today page 30daily guide newspaper headlines todayentertainment news in ghanagh webghana electionsghana government factsghana news sitesghana news todayghana news today latestghana political historyghana political partiesghana political systemhot gossip in gh todayhttp peace fm sports newsjoy news liveKeywordlatest news in ghanamodern ghana musicmodern ghana sportsmodern ghana tvmost educated president in ghanamyjoyonline latest news for todaymyjoyonline news latestmyjoyonline news todaymyjoyonline sportsndc congress 2018 resultsndc elections resultsndc parliamentary primaries 2019ndc presidential primaries 2018peace fm contactpeace fm kokrokoopeace fm online entertainment today newspeacefmonlinepeacefmonline latest news todaypeacefmonline picturespolitical issues in ghanapolitical newspolitics in ghana pdfpulse ghanastarrfmonlinethe most learned president in ghanatrending political issueswho is the head of the legislature in ghanawww myjoyonline com politicswww peacefmonline com politicsyen news educationyen.com downloadyen.com.gh news today
Previous Post

The best running mate won't take off your incompetent tag

Next Post

Government scheming to rig the 2020 elections

Next Post
Government scheming to rig the 2020 elections

Government scheming to rig the 2020 elections

Portland, Maine officials crackdown on coronavirus restaurants

Portland, Maine officials crackdown on coronavirus restaurants

Time To Forget Political Rivalry And Combat China: Shiv Sena

Time To Forget Political Rivalry And Combat China: Shiv Sena

Advertisement

Recent News

Ghana honours ex-president John Jerry Rawlings

Ghana honours ex-president John Jerry Rawlings

January 25, 2021
0
Ga North MCE, Gertrude Naa Ankrah is DEAD

Ga North MCE, Gertrude Naa Ankrah is DEAD

January 25, 2021
1
Viral: Hollywood Star Dakota Johnson Caught In A Lie; Sparks Meme Fest On Twitter

Viral: Hollywood Star Dakota Johnson Caught In A Lie; Sparks Meme Fest On Twitter

January 25, 2021
1
Sarah Huckabee Sanders: The Trump defender enters political race

Sarah Huckabee Sanders: The Trump defender enters political race

January 25, 2021
0
Get more women into governance, Mr President !

Get more women into governance, Mr President !

January 25, 2021
0
I dare anyone who’s ever bribed me to come forward now -Rockson Bukari throws challenge

I dare anyone who’s ever bribed me to come forward now -Rockson Bukari throws challenge

January 25, 2021
1
Veteran reporter Rob Shaw joins Daily Hive as political columnist

Veteran reporter Rob Shaw joins Daily Hive as political columnist

January 25, 2021
0
ADVERTISEMENT

About Us

Welcome to Ghanatoday.net. Your premium website which brings you all the news from different Ghanaian news platforms. We appreciate all the sites which have contributed immensely to make this website a possibility.

Browse by Category

  • Africa
  • Business
  • Entertainment
  • Lifestyle
  • News
  • Politics
  • Videos
  • Viral News

Recent News

Ghana honours ex-president John Jerry Rawlings

Ghana honours ex-president John Jerry Rawlings

January 25, 2021
Ga North MCE, Gertrude Naa Ankrah is DEAD

Ga North MCE, Gertrude Naa Ankrah is DEAD

January 25, 2021

Copyright © 2019 Ghanatoday.net. All rights reserved

No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Lifestyle
  • Africa
  • Business
  • Viral News
  • Videos

Copyright © 2019 Ghanatoday.net. All rights reserved

Social Media Auto Publish Powered By : XYZScripts.com
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.