{"id":259086,"date":"2020-06-04T17:40:29","date_gmt":"2020-06-04T07:40:29","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=259086"},"modified":"2020-07-10T14:58:13","modified_gmt":"2020-07-10T04:58:13","slug":"study-forecasts-covid-19-effects","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2020\/06\/04\/study-forecasts-covid-19-effects\/","title":{"rendered":"Study Forecasts COVID-19 Effects"},"content":{"rendered":"
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The South Burnett’s economy is forecast to shrink by 9.3 per cent in the June quarter, according to a new study modelling the economic effects of the COVID pandemic<\/figcaption><\/figure>\n

June 4, 2020<\/strong><\/p>\n

A new study says the economic impact of COVID-19 on the South Burnett’s economy may not be as bad as it will be on the rest of Queensland.<\/p>\n

While the State’s economy is expected to contract by 12 per cent in the June quarter, the study forecasts the South Burnett’s economy will only drop by 9.3 per cent.<\/p>\n

It also predicts that local employment will fall by -6.1 per cent to June 30, which equates to the loss of 780 local jobs.<\/p>\n

However, this would rise to -11.5 per cent (ie. 1466 jobs) if the Federal Government’s JobKeeper support package was withdrawn.<\/p>\n

The study is based on a model developed by the National Institute of Economic and Industry Research.<\/strong><\/p>\n

Demographic analysts .ID have used this model to project the economic effects of the pandemic at a local government level.<\/p>\n

According to .ID, the three employment sectors in the South Burnett most affected by pandemic restrictions are Accommodation and Food Services (-174 local jobs); Professional, Scientific and Technical Services (-120 local jobs); and Education and Training (-111 local jobs).<\/p>\n

All other employment sectors have also been affected except for Health Care and Social Assistance, where 200 jobs have been created.<\/p>\n

.ID notes that its study is based on data available up to May 7.<\/p>\n

It also warns that outcomes may change depending on how effective COVID containment efforts are.<\/p>\n