Australia to Enter Recession For the First Time in 29 Years


With officials figures from the Australian Bureau of Statistics showing that the nation's economy shrank by about 0.3% in the first quarter of 2020 and will also shrink in the second quarter of the year, Australia is set to enter its first economic recession in 29 years. Analysts say the prior to the Covid-19 coronavirus pandemic, the Australian economy was already suffering from a devastating bushfire season, a slowdown in tourism, and weak domestic demand.

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As of now, Australia has reported 7,226 confirmed cases of the Covid-19 coronavirus alongside 102 deaths. 6,625 people have recovered so far, and several states have begun slowly easing lockdown protocols. The New South Wales state has begun opening up public attractions such as museums and zoos, allowed for up to 50 people to sit down for a meal in restaurants and cafes, and up to 20 people to attend funerals.

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Note: All photos in this article were retrieved from the public domain, and do not require attribution or citation even for commercial purposes. All statistics and figures related to the Covid-19 coronavirus was retrieved from the Australian Department of Health (https://www.health.gov.au/).

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AverageVancouverite
AverageVancouverite

Hey there! I'm just an average Vancouverite who has been mining for several years now, and have used everything from GPUs to ASICs and from CPUs to USB miners! I also write about global news with the World International News Group and do some photography!


World International News Group
World International News Group

The World International News Group is an independent Vancouver-based news agency that believes news should be accurate, honest, and unbiased.

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