October 29, 2020

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Australia is experiencing its first recession in nearly thirty years

Australia is experiencing its first recession in nearly thirty years

Australian Treasury Secretary Josh Frydenberg.

Photo: EPA-EFE

The corona pandemic pushed Australia into recession for the first time since 1991.

The economy shrank by 7 percent in the second quarter, after gross domestic product (GDP) had already fallen by 0.3 percent in the first quarter.

The decline in the second quarter is the largest in Australia. During the 2008 financial crisis, the Australian economy continued to grow.