Australia is expected to face up to AU$5 billion (US$3.5 billion) in losses as fires continue to rage across the continent, according to an Australian Westpac bank forecast.
The natural disaster could also cut 0.2 to 0.5 percent of the country’s GDP, the bank said in its preliminary analysis released on Monday. The tourism and agricultural sectors have been hit hardest, while the most severely affected area accounts for around one percent of the nation’s economy.
Continue reading https://on.rt.com/a8wg