LETTER: Aussie economy not all doom and gloom

Figures show how our economy stacks up amid virus meltdown

Josh Frydenberg at Parliament House.

LETTER TO THE EDITOR: Doomsday is coming!

"Thirty years of debt: govt to revel worst debt since 1945" (CM 23/07/20).

Strangely www.tradingeconomics.com makes for interesting reading. Within the last month or so I discovered to my surprise that the worst deficit compared to GDP of all countries is that of Japan.

This is a country that post WWII (a country that was set on world domination before two bombings led to surrender) has become to most people an enviable nation (I have two nephews married to Japanese women and living in Japan).

I personally had no inkling of the fiscal situation of deficit compared to GDP in Japan.

Now, of course, this country Debt compared to GDP is only referenced for Dec/18 or Dec/19 and does not reference or give an accurate reading for what Dec/20 will be.

But I find it valuable based on the fact that with all my reading in recent years I have never come across dire doomsday claims for Japan when their position is the worst on the list of countries.

From this website, for Government Debt to GDP for Japan was 238.20% to 50.60%, USA was 118.90% to 31.80%, Canada was 100.20% to 44.90%, UK was 82.90% to 21.70% while Australia was 45.10% to 9.70%.

My main point is all of this is yes, our fiscal situation will need delicate handling.

But no, we do not need cries of doom, doom, doom as everything else in our society at present seems to be doing. Steady and slow often wins the race.

Glenda Carroll,Bundamba

Originally published as LETTER: Aussie economy not all doom and gloom