Gold Coast will experience a drop in GDP, job losses and property prices as it struggles to deal with a massive coronavirus outbreak.
Key points:Gold Coast is already the world’s third-largest economy and second-largest city with more than one million peopleSource: Gold Coast CouncilThe Gold Coast is one of the world�s most important tourist destinations and a financial hub.
The city is already experiencing a massive number of cases of coronaviruses.
More than one-quarter of the city’s population lives in its central business district, and more than 50 per cent of people have been infected.
The City of Gold is struggling to deal as coronaviral infections soar, with the city facing a 30 per cent drop in economic activity, with some businesses already closed.
Council chief executive Rob Paine said the decline would be felt throughout the community.
“We are already the third- largest economy in Australia, so we will have a really significant drop in employment and in the number of people who will be employed, especially those who work in retail,” he said.
“Our business is in real danger, as are the many retail and hospitality sectors.”
The council said the city was facing the biggest drop in population in the world.
“It is already having an impact on the city, in terms of our housing and in terms the economic impact,” Mr Paine told the ABC.
The city also has some of the most high-profile tourism destinations in the country, including the famous beaches, where thousands of people visited on Saturday to take in the coronavillosis pandemic.
He said the council was trying to figure out how the coronave was impacting the economy.
“The council is not prepared to provide the level of detail that the Commonwealth is requesting and we want to ensure that we are as transparent as possible,” Mr Tuck said.“What we are saying to the community is that the economy is a critical part of the community and our communities and the Gold Coast has a significant impact on our tourism.
“In the past week, the coronacovirus crisis has hit the Australian economy hard.
The Government announced $12.5 billion for a nationwide public health strategy and a $4 billion injection of $30 billion in extra funding for health.
Mr Tuck also said the coronavalirus pandemic was also having a direct impact on other sectors.“We are seeing a lot of people lose their jobs, and there is a lot that needs to be done to address the job market in this area,” he said, warning of further financial pressures.“People are very worried about what they are going to be able to do to pay their bills, and the amount of debt that is out there.“It is going to take time, but we are looking at a period of recovery.”
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