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Australia's economy faces huge challenges as demand for iron ore falls

发布时间:[2021-11-8 10:20:34]    浏览量:34次
In late May, the global iron ore market price reached a record high of US$233/ton, but it has fallen to about US$100/ton recently, decreasing by around US$133 in less than half a year.

Due to the stagnant demand for iron ore globally and the gloomy price situation of iron ore, Australia's economy was expected to face huge challenges.

According to the latest World Economic Outlook from International Monetary Fund (IMF), Australia's economic outlook is not promising anymore. The IMF reduced Australia's growth forecast of 2021 from 5.3% to 3.5%.

Last year, Chinese buyers purchased about 70% of the total iron ore output from Australia, and the iron ore export business contributed around US$125 billion to Australia's economy in 2020.