Forex Market News Today
  • Home
  • News
  • LiveHourly
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies
No Result
View All Result
Forex Market News Today
Home Economy

The top five things this leading economist thinks will happen in 2021

1 month ago
in Economy
4 min read
The top five things this leading economist thinks will happen in 2021
Share on FacebookShare on Twitter


Saying the year 2020 wasn’t a great one for the economy is a bit of an understatement.

Shops shuttered, businesses were forced to close or, worse, go bust, and unemployment hit 1 million people as sectors like hospitality and tourism were decimated.

But economist Chris Richardson, from Deloitte Access Economics, is upbeat about 2021 — so much so, his business outlook for the year is: “We got this.”

He expects Australia will see some important recovery this year provided vaccines start to be administered in Australia from next month, state borders remain mostly open and virus numbers remain suppressed.

So what are his key predictions?

Flying will resume, bringing students and tourists

The back of a man hugging a child in an airport.
We’ll be travelling internationally by the end of the year, according to Dr Richardson.(ABC News: Holly Richardson)

Dr Richardson expects the much-talked-about “travel bubble” with New Zealand will finally expand to allow Australians to cross the Pacific Ocean “in coming months”.

“Broadening to cover much of the world by the end of 2021,” he said.

But just as with crises past, he believes it will take years — until 2024 — for Australians and the rest of the world to resume travelling like we were in 2019.

When it does, Dr Richardson says, “a return to global travel will likely lead to a big increase in Chinese tourism”.

Which is something our economy really benefits from.

Margy Osmond, the chief executive of the Tourism and Transport Forum, told The Business last year the average visitor from China spent $8,500 during their stay in Australia, compared to about $1,500 spent by local tourists.

The struggling education sector will also welcome the return of international students.

International education was worth about $37.6 billion a year to the Australian economy before the pandemic.

Despite some recent vaccine concerns, the United Kingdom, United States and Canada are predicted to have two-thirds of their population vaccinated by the middle of this year.

“It may be closer to October 2021 before Australia, the European Union, Japan, Russia, most of Asia’s tigers and Brazil achieve a similar rollout, with the rest of the world seeing their rollout timetable likely to spill into the start of 2022,” Dr Richardson said.

A key issue longer-term remains the extent to which business travellers return to the skies.

“Having had to substitute in-person meetings for video conferencing for many months, there may be a more permanent shift from businesses to save costs.”

Unemployment will improve slightly and slowly

People are seen wearing face masks in a long queue outside the Centrelink office at Southport on Queensland's Gold Coast.
Unemployment rates will take years to fall back below pre-COVID levels.(AAP: Dan Peled)

Australia is one of just five nations (along with Taiwan, China, Vietnam and New Zealand) to enter 2021 “very-well-placed” according to Dr Richardson. 

“COVID-19 numbers are very low, the vaccine news is excellent, confidence is rebounding, Victoria is catching up to the recovery already underway elsewhere, there are heartening developments in job markets, and China’s trade war…



Go to the news source: The top five things this leading economist thinks will happen in 2021

Tags: aviationbusiness travelChinachris richardsoncoviddeloitteEconomistEconomyemploymentflyingHappeninternational studentsJobsleadingmanufacturingmigrationrecoverythinkstopTradetravelUnemployment
Previous Post

One measure of unemployment suggests Biden’s $1.9 trillion stimulus plan could d…

Next Post

No, Bitcoin Is Not in a Bubble

Related Posts

Lumentum to acquire Coherent in cash and stock deal valued at $5.7 billion
Economy

Etsy revenue more than doubles, crushes consensus estimate

by Forex News
February 25, 2021
0

Shares of Etsy Inc. ETSY, -5.51% were up more than 3% in after-hours trading Thursday after the online crafts...

Read more
Everything You Need to Know About Paramount Plus: What It Is, What It Means for …
Economy

Everything You Need to Know About Paramount Plus: What It Is, What It Means for …

by Forex News
February 25, 2021
0

If you're looking to add another monthly streaming service to your dossier, you've no doubt heard about Paramount+, the...

Read more
‘This Isn’t Altruism’ : NPR
Economy

‘This Isn’t Altruism’ : NPR

by Forex News
February 25, 2021
0

People wait to shop at the Costco Wholesale in Austin on Feb. 20. Joe Raedle/Getty Images hide caption toggle...

Read more
Carlyle’s Rubenstein: High unemployment is a bigger economic risk than market sp…
Economy

Carlyle’s Rubenstein: High unemployment is a bigger economic risk than market sp…

by Forex News
February 25, 2021
0

Carlyle's Rubenstein: High unemployment is a bigger economic risk than market speculation CNBC Television Go to the news...

Read more
Gold prices at session lows following 111K drop in U.S. Weekly jobless claims
Economy

Gold prices at session lows following 111K drop in U.S. Weekly jobless claims

by Forex News
February 25, 2021
0

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with...

Read more
Coronavirus: Public need ‘home truths’ on economy – Hammond
Economy

Coronavirus: Public need ‘home truths’ on economy – Hammond

by Forex News
February 25, 2021
0

"If we can grow the British economy over the coming years, then just as we did after the Second...

Read more
Treasury yields rise ahead of fourth-quarter GDP update
Economy

Treasury yields rise ahead of fourth-quarter GDP update

by Forex News
February 25, 2021
0

The 10-year U.S. Treasury yield held above the 1.4% level on Thursday morning, ahead of the U.S. Department of...

Read more
A 3rd stimulus check could be coming. Here’s what Americans did with the others
Economy

A 3rd stimulus check could be coming. Here’s what Americans did with the others

by Forex News
February 25, 2021
0

Lawmakers will vote this week on President Joe Biden’s COVID-19 relief package.February 25, 2021, 1:54 AM• 5 min readShare...

Read more
Exxon Mobil’s total reserves drop by a third after COVID-19 oil price drop
Economy

Exxon Mobil’s total reserves drop by a third after COVID-19 oil price drop

by Forex News
February 25, 2021
0

The Schork Group Principal Stephen Schork provides insight into the oil market and prices. Exxon Mobil's global oil and...

Read more
U.S. consumer confidence tumbles in December
Economy

Bank of Korea raises its 2021 inflation forecast

by Forex News
February 25, 2021
0

South Korea's central bank on Thursday raised its inflation forecast for this year while keeping its policy rate unchanged...

Read more
Next Post
No, Bitcoin Is Not in a Bubble

No, Bitcoin Is Not in a Bubble

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Latest Forex News

Entrepreneur Sam Chason earns spot in Winston Starts

Entrepreneur Sam Chason earns spot in Winston Starts

3 months ago
New wave of U.S. layoffs feared as coronavirus pain deepens

New wave of U.S. layoffs feared as coronavirus pain deepens

3 months ago
EUR/USD Breakout Extends into 2021- Resistance in View

EUR/USD Breakout Extends into 2021- Resistance in View

2 weeks ago
Live Coronavirus Updates and News

Live Coronavirus Updates and News

3 months ago

Today Market News

Rocket Companies: 4Q Earnings Snapshot
companies

Rocket Companies: 4Q Earnings Snapshot

February 26, 2021
Dow Jones Futures: Market Rally Breaks Support As Treasury Yields Soar; Nvidia, …
Business

Dow Jones Futures: Market Rally Breaks Support As Treasury Yields Soar; Nvidia, …

February 26, 2021
Petrol problems – Why the sacking of Petrobras’s boss spooked markets | Finance …
Markets

Petrol problems – Why the sacking of Petrobras’s boss spooked markets | Finance …

February 26, 2021
New York and Tether Conclude a Settlement
News

New York and Tether Conclude a Settlement

February 26, 2021
In One Chart: Brazil, Nigeria and 34 other better places to live than U.S. durin…
Live

NewsWatch: Salesforce earnings live up to Benioff’s $20-billion goal, so now it’…

February 25, 2021
Lumentum to acquire Coherent in cash and stock deal valued at $5.7 billion
Economy

Etsy revenue more than doubles, crushes consensus estimate

February 25, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 Siteofforex.com

No Result
View All Result
  • Home
  • News
  • Live
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies

© 2020 Siteofforex.com

wpDiscuz