Scott Morrison and economists have conceded the rapidly spreading omicron virus strain will impose a short-term hit on the economy, due to crippling worker shortages and a spending strike by consumers.
for the first quarter of the year, but the economy is expected to continue growing, unlike during government-imposed lockdowns in 2020 and 2021 when it shrank massively.Goldman Sachs estimates that between 24 and 76 million hours of work could be lost in January as workers isolate due to testing positive to COVID-19 or concerns they might have caught the virus.
The moderated economic growth outlook in the short-term during high vaccination rates compares to a record contraction of 6.8 per cent in the June quarter 2020 and 1.9 per cent shrinkage in the September quarter 2021 when lockdowns smashed consumer spending and vaccines were not widely available. As Australia transitions to living with COVID-19, Prime Minister Scott Morrison acknowledged the “incredibly tough” immediate challenge facing businesses from workers isolating, supply chain disruptions and a drop in consumer spending.
Despite omicron’s much quicker transmissibility, Mr Morrison said it was about 75 per cent less virulent than the previous delta variant and up to half the COVID-19 registered patients in hospital were not admitted due to COVID, but rather other health issues.
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