Economics
Australian Economy Headed for Recession: Bloomberg Economics
- GDP forecast to fall 0.4 percentage point in 1Q and 0.3 in 2Q
- Economy to rebound later on China stimulus, housing and mining
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Australia’s economy will record its first recession since 1991 as the hit from China’s virus-induced slowdown is amplified by slumping confidence and domestic disruptions from the outbreak intensifying Down Under, according to Bloomberg Economics’s James McIntyre.
Gross domestic product will fall 0.4 percentage point in the first three months of the year and 0.3 percentage point in the second quarter, ending a 28-1/2-year stretch of economic growth, he said in a report Monday.