Australia’s nearly 30 years long consecutive economic growth comes to a grinding halt due to the pandemic
The Australian government confirmed on Wednesday that the country has plunged into a recession because of the coronavirus pandemic, and that the fresh outbreak of the virus has prevented any sort of recovery, piling pressure on the government to keep its fiscal taps open.
The second quarter shrink was also the highest of the country’s quarterly gross domestic product since records began in 1959. Authorities said 127 cases of Covid-19 have been detected in the past 24 hours, upon the 109 cases recorded on Wednesday and the biggest one-day jump since Aug 28.
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