Sunday, January 24, 2021
Sunday, January 24, 2021

Australia Falls Into Its First Recession in Almost 30 Years: Bloomberg

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Australia has fallen into its first recession in almost 30 years with the economy shrinking 6.3% in the second quarter, Your Content has learned.

Australia has officially sunk into recession for the first time in almost 30 years with a quarterly slump that is worse than the 1930s Great Depression.

Until this morning, Australia officially held a 29-year world record for avoiding a recession but COVID-19 social distancing policies and border closures have ended that with a bang.

The economy plunged by a record seven per cent in the June quarter alone, the Australian Bureau of Statistics has confirmed.

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On an annual basis, the economy shrunk by 6.3 per cent – a level unseen since the aftermath of World War II in 1945 when the troops returned home.

Developing now. Details to follow.

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USA
25,566,789
confirmed cases
Updated on January 24, 2021 3:47 am
united states
427,635
deaths
Updated on January 24, 2021 3:47 am
united states
9,808,205
active
Updated on January 24, 2021 3:47 am
united states
15,330,949
recovered
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World
99,363,402
confirmed cases
Updated on January 24, 2021 3:47 am
world
2,131,261
deaths
Updated on January 24, 2021 3:47 am
world
26,022,056
active
Updated on January 24, 2021 3:47 am
world
71,210,085
recovered
Updated on January 24, 2021 3:47 am

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