Updated Trends: The Australian floods which has enveloped the state of Queensland, has also caused considerable damage to the country’s economy. Australia was looking forward after a phase of some few economic successes that it had earned after the Great Recession, but the floods have washed out all their hopes. A region which is the size of Germany and France combined is already underwater.
Analysts state that the economy will sacrifice around 0.3% of its growth, and this will be affective for the entire year. With more than 20,000 homes underwater, the region is said to be affected so hard that it will take some time to recover completely.
The tourism sector in Australia too has been affected by the floods and it seems that the growing economy in the country will need to sacrifice some of its share to this flood. The year 2010, has been recorded as the wettest year since decades in the country. The damage estimates is predicted to be around $13 billion, which is quite massive for a stabilizing economy.
Source: CNN
