{"id":26317,"date":"2020-07-19T10:54:22","date_gmt":"2020-07-18T22:54:22","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26317"},"modified":"2020-07-19T10:54:22","modified_gmt":"2020-07-18T22:54:22","slug":"leading-economist-warns-of-sharpest-decline-in-history-of-modern-times-due-to-coronavirus-pandemic","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/leading-economist-warns-of-sharpest-decline-in-history-of-modern-times-due-to-coronavirus-pandemic\/","title":{"rendered":"Leading economist warns of “sharpest decline in history of modern times” due to coronavirus pandemic"},"content":{"rendered":"

PHOTO: Leading economist, John Quiggin, has warned Australia can’t afford to scrap JobKeeper payments as the “most severe downturn” looms.<\/strong><\/p>\n

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A leading economist has warned Australia can’t afford to scrap JobKeeper payments as the “most severe downturn” looms.<\/div>\n<\/div>\n
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University of Queensland professor John Quiggan has warned the world was facing one of the biggest economic downturns in history.<\/div>\n<\/div>\n
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The warning comes after Australia’s\u00a0latest unemployment figures showed a rise to 7.4 per cent\u00a0unemployment, raising serious concerns for those on JobKeeper payments scheduled to end in a little over a month.<\/div>\n<\/div>\n
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“This will\u00a0be one of the sharpest declines we\u00a0have seen really in the history of\u00a0modern times,” he told Today.<\/div>\n<\/div>\n
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“We have yet to see of course\u00a0how long it lasts and it is a\u00a0somewhat different world, just for\u00a0example, to the Great Depression\u00a0which it is being compared to. But\u00a0because the impact has been\u00a0worldwide, it certainly will be\u00a0something where we’re comparing\u00a0for decades rather than years in terms\u00a0of its severity.”<\/div>\n<\/div>\n
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Mr Quiggin said the country must now face the question of\u00a0how to manage a second wave\u00a0without furthering damage to the economy.<\/div>\n<\/div>\n<\/div>\n
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