Commonwealth Bank of Australia puts odds of Australian recession in 2023 at 50%

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SYDNEY (Reuters) – Commonwealth Bank of Australia (OTC:CMWAY), the country’s biggest lender, on Friday put the odds of a recession in Australia this year at 50%, as the impact from the hefty monetary tightening continues to squeeze households.

Gareth Aird, head of Australian economics, forecasts economic growth to be 0.7% in the fourth quarter this year, and unemployment rate to increase to 4.7% in mid-2024.