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Record Economic Growth Period Has Officially Ended In Australia
In Australia Finance Minister Josh Frydenberg said, “Our record economic growth period, which lasted for 28 consecutive years, has officially ended."
Yazar: Tom Roberts
Yayınlanma: 2 Eylül 2020 20:40
Güncellenme: 15 Mayıs 2024 12:45
Record Economic Growth Period Has Officially Ended In Australia
Australia was the last country to go into recession during the epidemic. According to the news on CNBC, the country's economy shrank by 7 percent in the second quarter. This was the biggest contraction in Australian history. In Australia, which shrank by 0.3 percent in the first quarter, Finance Minister Josh Frydenberg said, “Our record economic growth period, which lasted for 28 consecutive years, has officially ended. Today’s devastating numbers confirmed what every Australian knows: That Covid-19 has wreaked havoc on our economy and our lives like nothing we have ever experienced before. But there is hope and there is a road out.”The Situation Is Better Compared To The Western Economies
HSBC economist Paul Bloxham said, “A lot of what we had in mind was that services consumption was gonna be particularly weak. There was great uncertainty as the economy was closed for a while. We really haven't witnessed such an event before. Yet Australia is doing much better compared to western economies ”. While the US economy contracted by 32.9 percent in the second quarter, Britain's gross domestic product decreased by 20.4 percent.We Expect Strong Recovery In The Fourth Quarter
Bloxham said that now everyone is eagerly anticipating what will happen in the third quarter. Paul Bloxham said, “A new wave of epidemics has started in the state of Victoria. Outside of Victoria, things are going well in areas that make up 75 percent of the country's economy. HSBC's expectation is a small increase in the third quarter. A very strong recovery is likely as of the fourth quarter. Of course, we make this prediction considering that the quarantine in Victoria state will end by that time. If our predictions come out, the Australian economy will have a U-shaped recovery. "İLGİLİ HABERLER
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