MONITORING DESK
ISLAMABAD: JPMorgan Chase & Co predicts a boost for the Australian economy after the next couple of years as a result of the inflow of Chinese tourists and students will into the country. According to the consultancy, the Australia’s GDP will increase by 1 percent.
Sydney-based economist Tom Kennedy in a January 7 note to clients stated that the reversal of China’s zero-COVID policies is in effect the reopening of China. The result of which, in Kennedy’s opinion would be beneficial for the gross domestic product, external accounts, and most of all the service sector.
Australia’s GDP to get boost after reopening of China
Kennedy observed that China is the top consumer of Australia’s education and tourism. He added that if the Chinese influx reaches 2019 levels, then over the next two years, 0.5 percent and 0.4 percent additions may be made to Australia’s GDP numbers.
Kennedy concluded his statement by saying that these numbers are significant and its true meaning will be visible by around 2024.
China’s reopening and somewhat better relations have comforted worries over Australia’s economy and inflation.
