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Fitch Cuts Australian Credit to 'Negative' Why Covid-19 Affects Economic and Fiscal
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[Image: 20200313_Pixabay_Australia_international...8.jpg.webp]

Fitch Ratings has narrowed Australia's AAA rating downgrade to "negative" from "stable" due to the spread of the Covid-19 virus. Has affected the economic condition and the fiscal status of Australia
Fitch states that "government spending to cope with the economic and health crisis Will cause Australia to have a huge fiscal deficit and have a high debt-to-GDP ratio. "

"The credit rating at AAA reflects strong government institutions and effective macroeconomic policies. In the past, it has supported the stable economic growth for a long time. Before having to face a panic due to external factors today, "says Fitch.

Fitch also predicted that The Australian economy will shrink by 10% in the first half. And may contract by 5% in 2020 due to economic activity being halted in the second quarter. From government measures to control the outbreak of Covid-19



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