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Australia falls into the first recession in nearly 30 years

2 mins read

The FINANCIAL — 2020 is the year Australia technically lost its famous nickname as ‘The Lucky Country’ and fell into recession for the first time in almost three decades. Australia last fell into recession in mid-1990 which ran into late 1991. But the coronavirus pandemic has been a major blow to the Australian economy, although the figure is slightly better than the 8% fall Australia’s reserve bank had earlier forecast. GDP figures from the Australian Bureau of Statistics have shown that the economy shrank by 7% in the last three months as a result of the coronavirus pandemic. For young people…

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Australia falls into the first recession in nearly 30 years

2 mins read

The FINANCIAL — 2020 is the year Australia technically lost its famous nickname as ‘The Lucky Country’ and fell into recession for the first time in almost three decades. Australia last fell into recession in mid-1990 which ran into late 1991. But the coronavirus pandemic has been a major blow to the Australian economy, although the…