Australia’s economy hit hard for the first time in 29 years

By | June 3, 2020
Australia's economy hit hard for the first time in 29 years

At the same time, the Ministry of Finance of the country notes that the Australian economy has not suffered as much as many other countries.

Australia’s GDP for the first three months of the year fell by 0.3%, and this was the first time in 29 years. This is evidenced by data from the Australian Bureau of Statistics (ABS),
Household consumption in the quarter fell 1.1%, the first drop since December 2008, and the sharpest decline in 34 years.

At the same time, over the year, the country’s economy grew by only 1.4%, and this is the weakest indicator since September 2009.

According to Australia’s Treasury Secretary Josh Freidenberg, a recession was inevitable due to forest fires and a pandemic.

The minister also warned the Australians to be prepared for the “impending difficulties”, as the results of the current quarter will be even worse.

At the same time, according to him, the Australian economy has not suffered as much as many other countries: it managed to avoid the “economic version of Armageddon” due to the fact that the timely introduction of the lockdown allowed to limit the growth of cases of coronavirus infection, and along with restrictions on the authorities provided measures of material community support.

Recall that in Australia they began to test in humans a new vaccine against coronavirus, which was produced by the American pharmaceutical company Novavah.

Also in Australia, an increase in the incidence of coronavirus was recorded against the background of quarantine mitigation.

Leave a Reply

Your email address will not be published. Required fields are marked *

11 + 8 =