Israel's Ban on Palestinian Workers Is Hurting Both Economies
The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
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The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
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Sep 23, 2021
Bloomberg News
,(Bloomberg) -- Australia should deploy lending curbs to cool a red-hot housing market, the International Monetary Fund said, while cutting its 2021 economic growth forecast by 1 percentage point due to a renewed coronavirus outbreak.
“Surging housing prices raise concerns about affordability and financial stability,” IMF staff said in the concluding statement of the 2021 Article IV discussions. “Macroprudential measures should be employed to address incipient risks.”
Options include increasing interest serviceability buffers and “instituting portfolio restrictions” on debt-to-income and loan-to-value ratios, it said in the report released Friday.
The call comes two days after the Reserve Bank said it’s constantly assessing the need for such measures due to risks arising from highly-geared borrowers. Australia’s property market is surging even as Sydney and Melbourne are in extended lockdown due to an outbreak of the delta variant of the coronavirus that’s set to push the economy into contraction this quarter.
The IMF lowered its forecast for economic growth this year to 3.5% -- reflecting the east coast lockdowns -- and boosted to 4.1% its estimate for 2022, as a recovery is expected once restrictions are lifted. That compared with an estimate in April -- when Australia was almost Covid-free and rebounding strongly -- of 4.5% growth this year and 2.8% next year.
In the statement, the IMF also:
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