Business
Inner Melbourne economy tipped to suffer $110b hit over five years – The Age
New modelling shows the economic impact of the coronavirus pandemic on inner Melbourne will be far worse than the 1990s recession, costing 79,000 jobs annually over the next five years.
Inner Melbourne is expected to bear the brunt of Victoria’s economic pain, with the City of Melbourne accounting for almost one-quarter of the state’s economic output.
PwC forecasts statewide economic output will fall by $327 billion over the next five years compared to pre-COVID projections, and says an average of 398,000 jobs will be lost each year over the next five years.
It predicts the City of Melbourne’s economy will contract by up to $23.5 billion this year or 22 per cent of forecasted…
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