KONTAN.CO.ID - SYDNEY. Australia's economy is projected to grow more slowly over the next 40 years as an aging population and slower population growth shrink the workforce, according to long-range economic forecasts set to be published by the government on Thursday. Real gross domestic product (GDP) is forecast to grow 2.2% annually over the 40 years to fiscal 2063, a full 0.9 percentage point slower than the previous four decades, according to excerpts of the "Intergenerational Report 2023" seen by Reuters before its release on Thursday. The economy is expected to be around 2.5 times larger in real terms 40 years hence.
Slower Growth Ahead for Australia as Population Ages
KONTAN.CO.ID - SYDNEY. Australia's economy is projected to grow more slowly over the next 40 years as an aging population and slower population growth shrink the workforce, according to long-range economic forecasts set to be published by the government on Thursday. Real gross domestic product (GDP) is forecast to grow 2.2% annually over the 40 years to fiscal 2063, a full 0.9 percentage point slower than the previous four decades, according to excerpts of the "Intergenerational Report 2023" seen by Reuters before its release on Thursday. The economy is expected to be around 2.5 times larger in real terms 40 years hence.