Australia to emerge as economic powerhouse in 2022
- Australia’s economy is set to become the world’s 13th largest in 2022.
- The country’s nominal GDP will reach about A$2.1 trillion next year.
- AI, healthcare, and equity markets to be a hive of activity going forward.
As we wind down the year and look into 2022, the Australian economy is poised to become the world’s 13th largest next year, according to the International Monetary Fund (IMF).
Australia’s nominal GDP will be about A$2.1 trillion and is expected to grow to 4.1% in 2022 as the economy and international borders reopen.
The IMF said the country’s growth rate would rebound to 3.5% in 2021, after declining to 2.4% in 2020.
Looking into the New Year, a ShareCafe report noted that strong equity markets are likely to continue, as cash flow and earnings growth could still produce surprises.
The report said the healthcare sector would continue with structural growth next year and would offer high returns, while sectors related to transitioning to a net zero economy such as electric vehicles (EVs) would continue to gain momentum.
Next year, sectors related to artificial intelligence (AI), such as those used in technology to run Google Home or Apple Siri will also be a hive of activity, an eDigital report also said.
Software companies, particularly those related to telehealth software and telemedicine apps will boom, as well as the home entertainment sector, and the assistive technology market.
Australia’s hot property market is expected to reach its peak by early 2022.
In 2021, as per an IBISWorld report, the fastest growing sectors have been self-managed superannuation funds, rice growing, cotton growing, as well as telehealth.
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