Australia & Pacific

The Australian economy never recovered from the fires

Australia is in recession as wildfires and coronavirus cause the economy to shrink.

The Australian government says that the country is in a state of recession, the economy suffered by 0.3 % in the first quarter of 2020 and the reason for this is the forest fires that lasted 240 days and the beginning of the coronavirus pandemic.

This is the first period of recession in the last 9 years and this is not the final impact of Covid-19.

A consistent decline and negative indicators of economic growth quarter after quarter - this is the recession. Economists, the Treasury and the Reserve Bank of Australia point to the worst 2nd quarter of 2020 in the economy since the 1930s.statistics on consumer spending, falling government capital spending and a drop in the number of new home construction Clearly indicate a drop in the economy.

A negative quarter is the fourth time this century, the last recession was in 1990-91. The figures for the next quarter will more fully reflect the impact of the coronavirus pandemic and related declines that began in Australia in March. And according to forecasts, the consequences will be very serious. Household spending fell 1.1 percent in the March quarter.

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