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Victoria’s economy forecast to grow more than any other state

A new research report released by Deloitte Access Economics has confirmed what we already believed – Victoria is the greatest place for businesses to be in Australia in 2021.

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Deloitte Access Economics’ latest Business Outlook report predicts Victoria’s economy to grow by 5.3 per cent this calendar year.

The quarterly report, which was release on Monday, details the ‘V-shaped’ decline and subsequent recovery of Victoria after having been the most severely affected from COVID-19 outbreaks, lockdowns, and restrictions.

While Victoria leads the pack in the economic growth forecast, Queensland closely follows at 4.7 per cent and New South Wales at 4.2 per cent.

Deloitte Access Economics’ partner Chris Richardson told The Age “overall, Victoria’s recovery to date has been remarkable.”

“Few at the height of the second wave could have envisaged Victoria would begin 2021 in such a favorable position.”

Victorian Treasurer Tim Pallas also celebrated the positive outlook: “jobs will remain front and center in our recovery plans as we continue to invest in employment support across Victoria, together with our record pipeline of infrastructure projects.”

The Victorian Chamber of Commerce and Industry (VCCI) put more than 50 specific recommendations to the State Government in October to help Victorian businesses get back on their feet as part of our State Budget submission. It seems we are moving in the right direction.

Acting VCCI Chief Executive, Dugald Murray also congratulated Victorian businesses and workers on their swift and positive recovery. “The report released on Monday demonstrates the determination and mettle of Victorians and the opportunity for doing business in Victoria.”

“VCCI called for support from the government in our State Budget submission, and they have provided when our members needed it most. But we also must not be complacent and continue to ensure Victorian businesses are met with continued support.”

This latest development will surely shift the conversations at the upcoming Victoria Summit 2021 – an assembly of leading businesses, industry groups, cultural groups and thought leaders to discuss and deliberate the future of our state.

Following a year of extreme economic disruption – one that we have been forecast to recover from, Victoria is presented with a unique opportunity to look forward with optimism and define a new path to our future.

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