Business
It may be a terrible recession, but it could have been worse – Sydney Morning Herald
In economics, everything is relative. Relative to what we were expecting initially, the recession isn’t as bad as feared. And relative to many other developed economies, we’ve actually got off lightly.
Edwards says that, because of our early success in controlling the virus, the “pandemic in Australia is fading sooner and with less economic damage than expected. While the secondary wave of infection in Victoria is a big setback and there may yet be other regional or local outbreaks, the economic recovery already evident is set to continue.”
The pandemic “from which Australia is now emerging was the most abrupt, savage and frightening economic shock in the lifetime of most Australians. But the…
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