BUSINESS

Australia’s Economy Sinks Into Recession

The COVID-19 pandemic has pushed Australia’s economy into its first recession in nearly 30 years.

The country’s gross domestic product (GDP) decreased by seven percent in the April-to-June quarter compared to the previous three months.

A country’s economy is deemed to fall in recession after two consecutive quarters of negative economic growth.

Australia was the only major economy to avoid a recession during the 2008 global financial crisis, mainly due to China’s demand for its natural resources.

Carol May, Readers Bureau, Contributor

Edited by Jesus Chan

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