By Dr. Gero Decker
Undoubtedly, COVID-19 has rocked the economy. The International Monetary Fund’s (IMF) World Economic Outlook predicts the cumulative loss to the world’s GDP from 2020 to 2021 will be approximately $9 trillion. That’s more than the combined economies of Germany and Japan.But the crisis has disrupted more than global markets; it has changed peoples’ lives, needs, priorities, and spending behaviors. Approximately 40 percent of Australians are feeling financially insecure, and as a result, professional services firm PricewaterhouseCoopers predicts that household consumption will decline by $37.9 billion within the next year.
