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MNI BRIEF: Australia Econ To See Sustainable Recovery: Moody's

(MNI) LONDON
LONDON (MNI)

Australia is unlikely to face a lasting drop in potential growth or weakening in fiscal strength over the longer term in the wake of the Covid-19 pandemic, ratings agency Moody's said Wednesday.

"The broad diversification of Australian industry, and the flexibility and competitiveness of the economy will support a sustainable recovery over the next few years, with limited likelihood of severe financial stress destabilizing the economy," said Martin Petch, a Moody's Vice President and Senior Credit Officer. A major driver of Australia's potential growth rate will be the extent to which productivity growth picks up from the relatively weak levels experienced before the pandemic, the report added.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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