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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