AIRLINK 131.27 Decreased By ▼ -11.14 (-7.82%)
BOP 9.77 Decreased By ▼ -0.36 (-3.55%)
CNERGY 6.63 Decreased By ▼ -0.48 (-6.75%)
CPHL 76.09 Decreased By ▼ -5.46 (-6.7%)
FCCL 40.55 Decreased By ▼ -4.16 (-9.3%)
FFL 13.83 Decreased By ▼ -1.27 (-8.41%)
FLYNG 49.06 Decreased By ▼ -4.27 (-8.01%)
HUBC 131.99 Decreased By ▼ -4.06 (-2.98%)
HUMNL 10.85 Decreased By ▼ -0.27 (-2.43%)
KEL 4.89 Decreased By ▼ -0.24 (-4.68%)
KOSM 5.00 Decreased By ▼ -0.54 (-9.75%)
MLCF 76.33 Decreased By ▼ -5.02 (-6.17%)
OGDC 203.86 Decreased By ▼ -8.39 (-3.95%)
PACE 5.32 Decreased By ▼ -0.21 (-3.8%)
PAEL 34.99 Decreased By ▼ -3.88 (-9.98%)
PIAHCLA 19.96 Decreased By ▼ -2.10 (-9.52%)
PIBTL 7.63 Decreased By ▼ -0.40 (-4.98%)
POWER 12.68 Decreased By ▼ -0.89 (-6.56%)
PPL 153.33 Decreased By ▼ -10.30 (-6.29%)
PRL 29.99 Decreased By ▼ -2.22 (-6.89%)
PTC 21.56 Decreased By ▼ -1.87 (-7.98%)
SEARL 77.93 Decreased By ▼ -6.65 (-7.86%)
SSGC 38.80 Decreased By ▼ -4.20 (-9.77%)
SYM 12.95 Decreased By ▼ -1.25 (-8.8%)
TELE 6.97 Decreased By ▼ -0.38 (-5.17%)
TPLP 8.80 Decreased By ▼ -0.47 (-5.07%)
TRG 51.09 Decreased By ▼ -5.59 (-9.86%)
WAVESAPP 8.41 Decreased By ▼ -0.65 (-7.17%)
WTL 1.35 Decreased By ▼ -0.10 (-6.9%)
YOUW 4.22 Decreased By ▼ -0.52 (-10.97%)
BR100 11,774 Decreased By -1159 (-8.96%)
BR30 34,974 Decreased By -2109.6 (-5.69%)
KSE100 116,167 Decreased By -3855.8 (-3.21%)
KSE30 35,407 Decreased By -1125.9 (-3.08%)

CANBERRA: Australia lowered its projections on Sunday for population and economic growth over the next 40 years due to the impact of the Covid-19 pandemic. Canberra closed its international borders in March 2020 to all but citizens and permanent residents in an attempt to prevent the spread of the virus.

The government says it will only reopen to migrants when it believes it is safe to do so. Australia now expects its population to total 38.8 million by 2061, down from its last forecast in 2015 estimate when it saw it hitting 40 million by 2056. Its population currently totals 26 million.

"The economy will be smaller and Australia's population will be older than it otherwise would have been, with flow-on implications for our economic and fiscal outcomes," Australia's Treasurer Josh Frydenberg will say on Monday, according to extracts of a speech seen by Reuters. Population growth has been the primary driver of Australia's economic growth in recent decades.

But with growth slowing and its population growing older. Canberra said it now expects its economy to grow at 2.6% a year over the next 40 years, compared with its previous forecast of 3% a year.

Comments

Comments are closed.