Australia Enters Recession Since 1991 After The Economy Shrank 7 Percent

Australia has entered its first recession since 1991 after the economy shrank 7 percent in the second quarter, as the country reels from the coronavirus pandemic. The Australian Bureau of Statistics said it was the fastest quarterly contraction on record and ends a three-decade run of economic growth that was undented even by the global financial crisis. The bureau’s head of national accounts, Michael Smedes, said the pandemic and containment efforts were to blame for the “unprecedented” drop that exceeded previous records “by a wide margin”.