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Overview

On the matter of Covid, we once thought it would either be a part of life or a thing of the past but it's not quite how it's come to pass as we all know. In this podcast episode, we look at how the pandemic has been the main growth driver behind global current economic circumstances and the future outlook.

This week, we look at how Covid-19 continues to be the main factor influencing economic growth while the world continues to address the longer-term implications of the pandemic and attempts to deal with the immediate effect of the Delta variant. With vaccines seemingly providing a promising outlook, 2022 is likely to be above average year of economic growth although uncertainty remains the key factor across the globe.

In Australia, fiscal stimulus has been crucial. Some industries have done well – construction, manufacturing, agriculture, while others have struggled – education, hospitality. Continuing intermittent lockdowns are beginning to have a strong impact on domestic growth. However, China, Europe, UK and Australia appear to have bounced back more strongly and faster than expected, but consumption will be the key to sustained positive growth in these markets going forward.

We also examine how the worst could be behind us and foresee a greener economy emerging after vaccination rates reach sufficiently high levels to allow economies to operate effectively in the New Normal.

This session covers:

  • Current global economic circumstances, drivers behind them and global economic perspectives brought on by Covid-19
  • The impact of Covid-19 in Australia on the population, unemployment, rents, new ways of work and interest rates and how State economies will bounce back once borders start opening

The webinar was hosted by Stephen Higginson, Head of Customer & Distribution for Australia and New Zealand at Swiss Re Corporate Solutions and was joined by:

  • Alan Oster – Group Chief Economist, National Australia Bank