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Warnings of worst economic growth rate in 20 years

Article image for Warnings of worst economic growth rate in 20 years

Economists are warning the growth rate of the economy could have dropped to a 20-year low as the government awaits new figures to be released tomorrow.

The gross domestic product (GDP) in the June quarter is expected to bring the annual rate down to 1.4 per cent despite the economy usually growing close to 3 per cent.

AMP Capital Chief Economist Shane Oliver tells John Stanley it could mean a longer period without wages growth.

“That will be the weakest growth rate in 19 years.

“When growth is that weak it’s not strong enough to absorb new entrants into the workforce.

“It’s not a disaster, we are still growing… but the economy has slowed down quite a lot.”

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JOHN STANLEY
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