Australia suffers first recession in 29 years

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Australia suffers first recession in 29 years
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Australia's economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic

Sydney/Hong Kong Australia's economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic.

The country's economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Treasurer Josh Frydenberg on Wednesday warned that GDP will shrink in the April-to-June period, marking the second consecutive quarter of contraction for Australia.The Covid-19 shutdown has caused the end of a 29-year run of economic growth in Australia.

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