A household recession in 2024: What will happen in 2025? | The Business | ABC News

Leading economists say 2024's economic conditions centred on the impact of interest rates being used to tame inflation, and cause a 'per capita' recession. The ongoing strength of the jobs market was a surprise, with high employment meaning people were stretched by rising costs, but most were able to keep making their commitments. Interest rate cuts are expected to begin in 2025, with he economy set to be dominated by a weak Chinese economy and potentially erratic trade conditions prompted by US President Donald Trump. Economists expect unemployment will rise in 2025. Daniel Ziffer talks to independent economist Nicki Hutley, Challenger chief economist Jonathan Kearns, AMP deputy chief economist Diana Mousina and UBS Australia chief economist George Tharenou.
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