The global pandemic recession is far deeper than feared but Australia is a standout performer as the only advanced economy to have its economic outlook upgraded by the International Monetary Fund.
The IMF forecasts the local economy to contract a still hefty 4.5 per cent this year, less severe than the massive 6.7 per cent fall it tipped in April.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
