Australia’s economy: rapid recovery ‘unlikely,’ says Reserve Bank – The World Today

A man wearing a suit and glasses speaking at a podium.

The Reserve Bank believes the scenario of a rapid recovery from the outbreak is “very unlikely” and that it’s realistic to consider the fallout will have a “significant effect” on Australia’s economy.

The prediction in the latest RBA board minutes comes as panic selling on global markets fuels fears that the world’s heading into a deep recession, even with emergency rate cuts by central banks.

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