Economics
World’s Longest Growth Streak Ends as Australia Enters Recession
- Up-to-date data suggest shallower, shorter downturn Down Under
- Australians are cashed up from stimulus, with pent up demand
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Australia’s almost 29-year recession-free run has come to a close, ending the developed world’s longest uninterrupted economic growth streak.
Gross domestic product declined 0.3% in the first three months of the year, government data showed Wednesday, and that downturn is set to deepen in the current quarter as the full effect of shutdown to stem Covid-19 takes hold. Treasurer Josh Frydenberg responded with a simple “yes” today when asked if Australia is in recession.