This is a truly global crisis as no country is spared. The cumulative loss to global GDP over 20 from the pandemic crisis could be around 9 trillion dollars, greater than the economies of Japan and Germany, combined. This recovery in 2021 is only partial as the level of economic activity is projected to remain below the level we had projected for 2021, before the virus hit. This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis.Īssuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8 percent. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period. Under the assumption that the pandemic and required containment peaks in the second quarter for most countries in the world, and recedes in the second half of this year, in the April World Economic Outlook we project global growth in 2020 to fall to -3 percent. Policymakers are providing unprecedented support to households, firms, and financial markets, and, while this is crucial for a strong recovery, there is considerable uncertainty about what the economic landscape will look like when we emerge from this lockdown. In addition, many countries now face multiple crises-a health crisis, a financial crisis, and a collapse in commodity prices, which interact in complex ways. A lot depends on the epidemiology of the virus, the effectiveness of containment measures, and the development of therapeutics and vaccines, all of which are hard to predict. This is a crisis like no other, and there is substantial uncertainty about its impact on people’s lives and livelihoods. Therefore the total workdays during Melbourne Lockdown 1 is 29 calendar days.April World Economic Outlook projects global growth in 2020 to fall to -3 percent. This includes 6 Saturdays, 6 Sundays and two public holidays being Good Friday and Easter Monday. Tuesday 31st March 2020 to Tuesday 12th May 2020. However, the following guide will assist you by outlining the Melbourne lockdown dates from 2020 through to August 2021. Every taxpayer's circumstances will differ and not all Melburnians will have worked at home on the same dates throughout 20 financial years. To be able to work out your working from home tax deduction you will need to keep a record of the days from which you work from home. With the lockdowns extending into the 2022 financial year, we will no doubt be assisting with working from home tax deductions in the 2022 financial year as well. Some Melbourne taxpayers have been working from home since 31st March 2020, possibly earlier.Īs accountants and tax agents in Melbourne, we've asissted taxpayers in working out their working from home tax deductions for the 2020 tax return and 2021 tax return. The COVID-19 pandemic will mean that you've likely had to work from home due to the various Melbourne lockdowns. Melbourne Lockdown Dates will be of interest to you if you're a taxpayer living in Melbourne. Applicable to the 2020 financial year, 2021 financial year, and 2022 financial year.
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