Eden far from a paradise as Australia bushfire to curb 0.5% of national GDP growth

by   |  VIEW 625

Eden far from a paradise as Australia bushfire to curb 0.5% of national GDP growth

A peak summer holiday season in the Australian coastal town, Eden, usually, brought in boat-loads of tourists with visitors crowding stores like paparazzies following a page 3 hit, but this year, Eden could barely became a paradise in earth with its town’s filled with smokes meaded out of Australia bushfire that killed 25 people thus far and left thousands homeless, while burned leaves and dead birds had thronged the Eden’s beaches.

Besides, days after a mass evacuation of the entire town due to a leather bushfire, most of the shops remained closed, as a shop-owner in Eden was quoted saying to a press agency that the deadly Australian bushfire had curbed his earning about 85 to 90 per cent.

As Australian tourism industry took a heavy hit following its latest bushfire, many of the tourism-based businesses owners and Australian nationals had barely enough to get them through the winter. Meanwhile, weeks after the deadly incident, the Australian Central Bank’s prior forecast of a gentle turning point this year after several years of slowdown in Gross Domestic Products, appeared to be a distant dream, as estimating a minimum 0.5 per cent hit on Australian GDP growth following the Bushfire, AMP’s Sydney-based head of investment strategy, Shane Oliver said in a telephone interview earlier on Tuesday (January 7th), “The fires have come at a time when there was already a lot of uncertainty about Australia’s economic outlook.

” However, later last year, IMF (International Monetary Fund) had forecasted a GDP growth of 1.7 per cent for Australia over its 2019-20 fiscal year.