Research firm Capital Economics said that Australia’s economy has been badly hit by escalating trade tensions with China, and it is possible that growth might “never return” to pre-virus levels even when the pandemic is over.
China, which is by far Australia’s largest trading partner, accounted for 39.4 percent of goods exports and 17.6 percent of services exports between 2019 and 2020, the firm said in a note seen by CNBC. According to its senior economist, Marcel Thieliant, GDP in Australia could contract even more if Beijing continues to pile tariffs on more Australian imports.
Continue reading https://on.rt.com/ay9y