Australia's Chief Treasurer Josh Freidenberg presented updated forecasts for the economy and the budget, which were more positive than previous estimates. According to him, the economy has significantly recovered after the first recession in the country. Australia's economic and health performance continues to outperform nearly all other developed countries.
The economy is now projected to grow by 4.5% in 2021. The main bet of Australians is on extensive growth of the commodity sector. The reason for this positive is the rapid rise in prices for iron ore, the largest producer of which is Australia today.
Authorities raised their forecast due to strong demand from China and continued supply disruptions from Brazil. Prices for steelmaking raw materials are expected to average $100 a tonne during calendar year 2021, up from the $85 forecast in September. Surging iron ore prices helped support Australia's finances during the pandemic.
With the recovery of global economic activity, demand for resources and energy is steadily increasing, reducing stocks accumulated at the height of the COVID-19 quarantine. Australia's economy has a long way to go in economic recovery.
According to official data, the UK economy's recovery from the coronavirus-related collapse between July and September was slightly faster than first estimates.
The final UK GDP growth in the third quarter of 2020 was +16% compared to the previous second quarter. This quarterly growth is a record since 1955. On an annualized basis, indicators also improved, but this does not change the overall picture - the final drop is 8.6% - compared to the same period in 2019.
The main contribution to the economic recovery in Q3 2020 was made by household consumption, government spending and, to a lesser extent, investments.
Now the main point for the economy of the Kingdom is the lockdowns announced in London and many other areas of the country, as well as the closure of borders with the UK undertaken by many European countries. In addition, Brexit negotiations have not yet been completed, and additional concessions to Europe by the British are being discussed, in particular, the reduction of the borders of water economic zones.
The US government confirmed on Tuesday that the economy grew at a record pace in Q3, helped by more than $3 trillion in aid to fight the pandemic. But it seems to have lost its pace at the moment as the year draws to a close, amid raging new COVID-19 cases and a reduction in fiscal stimulus.
As a result, seasonally adjusted GDP growth was 33.4%. And these are record quarterly figures. On an annualized basis, the economy declined by -2.85%.
