For Australia, devastating wildfires and China’s coronavirus outbreak are hitting multiple industries
SYDNEY—Natural disasters are unpredictable events with broadly predictable results: a destruction of property and wealth, but no lasting impact on economic growth.
Australia’s wildfires, which have ravaged more than 26,000 square miles of land and killed at least 30 people, will be the latest big test of that view. At stake is the country’s 28-year run without a recession—the longest ongoing streak in the developed world.
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