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Double digit unemployment<\/span>\u00a0for the next\u00a0<\/span>few<\/span>\u00a0<\/span>years<\/span>, a<\/span>nd a<\/span>\u00a0plunge in Gross State\u00a0<\/span>P<\/span>roduct\u00a0<\/span>and slow recovery are the headline findings of a new Flinders Un<\/span>iversity analysis<\/a><\/strong> of the impact of the COVID-19 pandemic on South Australia.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n It suggests economic stimulus will be required beyond the expected six months of the\u00a0<\/span>J<\/span>ob<\/span>S<\/span>eeker and\u00a0<\/span>J<\/span>ob<\/span>K<\/span>eeper support to assist workers, families, businesses and organisations to endure the extended effects of the tough measures that have been necessary to curb the virus\u2019 spread.\u00a0<\/span>\u00a0<\/span><\/p>\n The Director of Flinders University\u2019s Australian Industrial Transformation Institute Professor John Spoehr says<\/span>\u00a0it\u2019s a recession and\u00a0<\/span>the outlook is grim,\u00a0<\/span>urging\u00a0<\/span>the state\u00a0<\/span>and federal\u00a0<\/span>government<\/span>s<\/span>\u00a0<\/span>to consider all<\/span>\u00a0options.<\/span>\u00a0<\/span><\/p>\n \u2018<\/em>There\u2019s no way of sugar coating it \u2013 the measures we have had to take to tackle the coronavirus crisis are having a profound impact on\u00a0our\u00a0state\u2019s economy and\u00a0employment and\u00a0will continue to do so\u00a0until\u00a0at least 2024.<\/p>\n \u2018The State government\u00a0has the opportunity to\u00a0leverage this with\u00a0an economic recovery and jobs plan underpinned by\u00a0further investment in\u00a0social and physical infrastructure, including industry catapults to accelerate the uptake of advanced technologies and skills.<\/p>\n Professor Spoehr says courage was needed to halt the coronavirus in its tracks, and similar courage is central to overcoming the ensuing calamity.<\/p>\n \u201cConsiderable investment and stimulus will be fundamental to durable recovery. There are fates worse than debt at times of great economic hardship, particularly when interest rates for government are at historic lows\u2019 Professor Spoehr says.<\/p>\n <\/p>\nREAD THE FULL REPORT HERE<\/strong><\/a><\/h4>\n