The International Monetary Fund Mission Chief of Australia has said the Australian economy remains a global “success story” despite the recent setbacks from widespread lockdowns. Based in Washington D.C., Harald Finger told The Australian that he expected a contraction in the September quarter. But he believed it would be quickly followed by a “quick bounce-back” once restrictions were over. The IMF upgraded its 2021 economic outlook for Australia from 4.5 percent growth in GDP to 5.3 percent. Its 2022 prediction was also raised from 2.8 percent to 3 percent. The estimates were made in June prior to the lockdown measures imposed by multiple state governments, and the extent of the impact of the Greater Sydney lockdown is still unknown. Finger warned that “the Delta variant poses additional challenges, and next year looks quite uncertain” but only expected a “moderate” downgrade to growth once the full World Economic Outlook report is …
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