Australia's economy beats expectations ahead of bushfire, coronavirus impacts
4 years, 10 months ago

Australia's economy beats expectations ahead of bushfire, coronavirus impacts

ABC  

Australia's economy grew by a better-than-expected 0.5 per cent in the December quarter and 2.2 per cent over the past year, according to the Bureau of Statistics. Key points: Australia's GDP growth decelerated from 0.6 per cent in the September quarter to 0.5 per cent in the three months to December But the result was better than most economists forecast, with typical estimates around 0.3 to 0.4 per cent Westpac economist Andrew Hanlan said real estate transactions and rising inventories boosted GDP in the quarter Most economists were forecasting quarterly economic growth of 0.3 or 0.4 per cent and annual growth around 2 per cent, although the lowest forecast was from AMP Capital's Shane Oliver, who tipped 0 per cent GDP growth for the quarter. Treasury has estimated that the bushfires might take 0.2 percentage points from GDP, while the OECD has warned that coronavirus could hit Australian economic growth by at least 0.5 percentage points. However, economic modelling by former Reserve Bank board member and ANU professor Warwick McKibbin found that the hit to Australian GDP in 2020 from even a moderate coronavirus pandemic would likely surpass 2 percentage points. Westpac's Andrew Hanlan said real estate agents and conveyancers were also doing very well from the housing rebound since June, with ownership transfer costs up 12.3 per cent in the quarter, adding substantially to GDP growth.

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History of this topic

Major blow for Albo with Aussie economy growing at slowest pace in more than three decades
4 months ago

Major blow for Albo with Aussie economy growing at slowest pace in more than three decades

Daily Mail  

Australia's economy is now growing at the slowest pace since the early 1990s recession, outside of a pandemic. 'Today's national accounts data show the economy is still on life support, with growth over the past year slipping to its slowest pace since the early 1990s, outside of the pandemic,' he said. Australia is Prime Minister Anthony Albanese's Labor government is …

Australia’s economy posts worst performance since 1992, excluding pandemic
4 months ago

Australia’s economy posts worst performance since 1992, excluding pandemic

Al Jazeera  

Australia’s economy has posted its worst performance in more than 30 years, excluding the first year of the COVID-19 pandemic. Australia’s gross domestic product expanded by just 0.2 percent in the April-June period and 1 percent over the last year, the Australian Bureau of Statistics said on Wednesday. Australia’s post-COVID recovery is struggling after the central bank raised interest rates …

Economic growth misses expectations as GDP increases 0.6 per cent in September quarter
2 years, 1 month ago

Economic growth misses expectations as GDP increases 0.6 per cent in September quarter

ABC  

Australia's economic growth has come in slightly below expectations, with GDP growing by 0.6 per cent in the September quarter and 5.9 per cent through the year. Key points: Australia's economic growth slowed down from a large 0.9 per cent increase in the previous quarter GDP growth came in slightly below the typical economist forecast of 0.7 per cent Household …

Between rolling natural disasters and COVID, Australia's economy is experiencing a shift from shock to persistent problem
2 years, 2 months ago

Between rolling natural disasters and COVID, Australia's economy is experiencing a shift from shock to persistent problem

ABC  

Major flooding in suburban areas of Melbourne in the last couple of days have only reinforced the sense that we are now in a world of more or less rolling natural disasters. "The Treasury's current expectation is that a bigger and bigger part of this inflation problem over time will be what happens with power prices," Chalmers told journalists in …

Australia's economic decline smaller than feared during latest east coast COVID lockdowns
3 years, 1 month ago

Australia's economic decline smaller than feared during latest east coast COVID lockdowns

ABC  

Australia's economy has recorded its third-biggest fall on record, as COVID lockdowns shut economic activity across the mainland's south-east. Key points: Australia's GDP fell 1.9 per cent in the September quarter, but economists had expected a 2.7 per cent slide A 4.8 per cent slump in household spending led the drop, due to lockdowns across the south-east Household saving rose …

Avoiding recession won't be enough to solve Australia's economic problems
3 years, 4 months ago

Avoiding recession won't be enough to solve Australia's economic problems

ABC  

Australia is not in recession. But it probably won't make much difference if the technical definition of a recession is reached or not — the nation has been in an economic malaise for a while. Australia's economy grew over June quarter Photo shows Pedestrians cross at Flinders Street Australia's economy has bounced back from the COVID recession, with national growth …

Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown
3 years, 5 months ago

Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown

ABC  

While many retailers are bemoaning Greater Sydney's extended lockdown, some are calling for tougher restrictions to help control the outbreak more quickly as the economic damage quickly mounts. "My estimate is that it’s costing the NSW economy, and therefore by definition the national economy, about $1 billion a week," AMP Capital's chief economist Shane Oliver said. He also said the …

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows
3 years, 7 months ago

Australia's economy 1.1 per cent bigger than at the start of the COVID pandemic, GDP data shows

ABC  

Australia's economy has bounced back from the COVID recession, growing by a much-better-than-expected 1.1 per cent over the past year. Key points: GDP grew 1.8 per cent in the March quarter, above economist expectations of 1.6 per cent The Australian economy is now 0.8 per cent bigger than its previous record, prior to the bushfire crisis and pandemic Both business …

IMF says US economy is growing at its fastest pace since 1984
3 years, 9 months ago

IMF says US economy is growing at its fastest pace since 1984

CNN  

London CNN Business — President Joe Biden’s $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind. The IMF said the “unprecedented policy response” to the pandemic means …

China looks to close the chapter on coronavirus with big targets for 2021 at its annual National People's Congress
3 years, 10 months ago

China looks to close the chapter on coronavirus with big targets for 2021 at its annual National People's Congress

ABC  

One year after coronavirus battered the global economy, Beijing's leaders are signalling to the world it's ready to close the chapter on the pandemic. China's government has unveiled it is aiming for a GDP growth rate of more than six per cent for the year ahead despite China's Finance ministry describing the country's fiscal situation as "quite grave". But in …

IMF: New coronavirus variants pose major risk to the global economy
3 years, 11 months ago

IMF: New coronavirus variants pose major risk to the global economy

CNN  

London CNN Business — The pandemic could slam the brakes on a global economic turnaround this year despite mass vaccination programs and unprecedented levels of stimulus, according to the International Monetary Fund. The IMF expects the global economy to grow by 5.5% this year, it said on Tuesday, or 0.3 percentage points faster than its previous forecast in October. “The …

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year
4 years, 1 month ago

Australia 'emerges from recession' after GDP figures show economy growing for the first time this year

ABC  

The Reserve Bank governor is warning recovery from this year's recession is likely to be "uneven and drawn out" as Australia's gross domestic product grows for the first time in 2020. Key points: GDP rose 3.3 per cent this quarter, as COVID-19 restrictions eased across most states and territories Household consumption grew almost 8 per cent after a 12.5 per …

Economic growth will be slower next year due to second coronavirus wave: CPB
4 years, 1 month ago

Economic growth will be slower next year due to second coronavirus wave: CPB

Dutch News  

The Dutch economy will contract 4.2% this year, slightly less than expected, the government’s macro-economic think-tank CPB said in its latest forecasts. However, the CPB said, the second coronavirus wave will mean the recovery next year will be slower than forecast earlier. Unemployment will increase to more than 6% in 2021, affecting particularly young people, employees on a flexible employment …

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?
4 years, 2 months ago

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?

ABC  

After years of dire predictions that Australia's property bubble could burst, national house prices continue to withstand the otherwise devastating impact of the coronavirus pandemic, and once again the doomsayers have been proven wrong. It's a question I asked AMP Capital chief economist Shane Oliver, who in late March at the onset of the pandemic in Australia, had warned that …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 3 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Australians were suffering from weak wages growth long before the coronavirus pandemic
4 years, 3 months ago

Australians were suffering from weak wages growth long before the coronavirus pandemic

ABC  

Think about your income. Growth in real household disposable income has averaged 3.1 per cent since 2007, but between 2016 and 2019 it averaged just 1.4 per cent. "If the income-tax paid share was reduced to 13.7 per cent, the average of the period since 2002, $13 billion less taxes would have been paid over the past 12 months, representing …

World economy seen withstanding coronavirus better than forecast
4 years, 3 months ago

World economy seen withstanding coronavirus better than forecast

Live Mint  

The global economic slump won’t be as sharp as previously feared this year, though the recovery is losing pace and will need support from governments and central banks for some time yet, according to the OECD. The world economy will shrink 4.5% this year, less than the 6% forecast in June, the Paris-based institution said on Wednesday, upgrading its outlook …

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years
4 years, 4 months ago

Australia's coronavirus recession might soon be over, but the economic road back to full recovery will take years

ABC  

And now for the good news. The long road to jobs recovery The last official recession we endured, back in 1991, appears as a tiny aberration in the economic growth story. But he's also stuck to his guns on the traditional supply-side measures, repeatedly hinting the October 6 budget may bring forward $158 billion in personal income tax cuts. Last …

World economy: What else could go wrong before 2020 is done
4 years, 4 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record
4 years, 4 months ago

Australian recession confirmed as COVID-19 triggers biggest economic plunge on record

ABC  

Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent — the worst fall on record and slightly worse than most economists had predicted. Key points: GDP plunged 7 per cent in the June quarter, more than three times the previous biggest fall of …

Australia recession: The economy had its worst quarter on record
4 years, 4 months ago

Australia recession: The economy had its worst quarter on record

CNN  

Hong Kong/Sydney CNN Business — The coronavirus pandemic has officially pushed Australia into its first recession in nearly three decades. The country’s GDP contracted 7% in the second quarter compared to the prior one, the Australian Bureau of Statistics said Wednesday. It marks the second straight quarter of declines for Australia — GDP shrank 0.3% in the first quarter — …

Australia records its deadliest day of coronavirus pandemic
4 years, 4 months ago

Australia records its deadliest day of coronavirus pandemic

India Today  

Australia recorded its deadliest day of the pandemic Monday as the government urged hot spot Victoria state to announce its plans to lift a lockdown on the country's second-largest city. While the deaths were a state and national high, the tally of new infections was Victoria's lowest since 67 new cases were recorded on June 30 in the early weeks …

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere
4 years, 4 months ago

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere

ABC  

Paula Evans, owner of boutique Tierra Alma in beachside Mordialloc, didn't need the Australian Bureau of Statistics to tell her about the epic economic pain of Melbourne's August lockdown. Key points: Payroll jobs fell 1 per cent around the nation, but 2.8 per cent in Victoria, in the month to August 8 Melbourne entered tough stage 4 coronavirus restrictions on …

Australia's economy was weak before coronavirus. Could a 'job guarantee' help repair the economy?
4 years, 5 months ago

Australia's economy was weak before coronavirus. Could a 'job guarantee' help repair the economy?

ABC  

Treasurer Josh Frydenberg hates it when it's pointed out, but Australia's economy was in poor health well before COVID-19 hit our shores. "The last time we got to a 10 per cent unemployment rate was after the '91 recession and it took a decade to get it back to about 5 per cent," he said. " On Friday, the Reserve …

Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says
4 years, 5 months ago

Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says

ABC  

The newest measures in Victoria's harsh coronavirus restrictions could rip close to $10 billion out of the nation's economy in a matter of weeks, Prime Minister Scott Morrison says. Key points: The total cost of Victoria's lockdowns this quarter is estimated to be as high as $12 billion The total cost of Victoria's lockdowns this quarter is estimated to be …

Melbourne lockdown could cause coronavirus recession to last all year, economists warn
4 years, 5 months ago

Melbourne lockdown could cause coronavirus recession to last all year, economists warn

ABC  

Melbourne-based NAB chief economist Alan Oster has been in the profession for more than 40 years and he's seen a fair few economic crises in his time, but nothing compares to this. Recession could last 'whole calendar year' It's generally accepted that Australia recorded two successive quarters of negative growth in the March and June quarters, even though the latest …

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy
4 years, 5 months ago

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy

ABC  

Australia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed. Key points: A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion It is …

Debt and deficit go out the window as the reality of the coronavirus crisis hits home
4 years, 5 months ago

Debt and deficit go out the window as the reality of the coronavirus crisis hits home

ABC  

When will it finally sink in? As Treasurer Josh Frydenberg and Finance Minister Matthias Cormann grimly fronted a media pack in Canberra, fresh after releasing Treasury's latest tally of COVID-19's financial toll, they were peppered with endless questions about how we will ever dig ourselves out of debt after all this Federal Government largesse. Debt, debt and more debt Having …

Recessions punish our youth and the coronavirus downturn is no different
4 years, 5 months ago

Recessions punish our youth and the coronavirus downturn is no different

ABC  

What exactly is a recession? While economic growth bounced back relatively quickly, it took years — decades even — for the jobs market to recover, to finally return to the level it was before the recession hit. While we could see a small lift when the latest jobs numbers land this Thursday, all the indications are that — despite the …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 6 months ago

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic

ABC  

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus. He says the current unemployment rate is actually more like 11.5 per cent, despite Australian Bureau of Statistics figures showing the "headline" rate is a fraction over 7 per cent. "I think …

Victorian economy hardest hit by coronavirus fallout as immigration dries up
4 years, 6 months ago

Victorian economy hardest hit by coronavirus fallout as immigration dries up

ABC  

Australia's second-most populous state was poised to take the biggest economic hit from the COVID-19 pandemic even before a dramatic spike in cases over the past fortnight forced renewed shutdowns in large parts of Melbourne. Key points: Victoria's gross state product is expected to fall 1.6pc in 2020-21 The state is vulnerable due to its reliance on immigration from overseas …

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'
4 years, 6 months ago

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'

ABC  

If handling pandemics was a sport, Australia has made it into the knockout stages of the coronavirus world cup. Grattan notes that in the roughly three months since the pandemic truly started hitting home in Australia, the Federal Government has announced an unprecedented $138 billion in spending measures to support businesses and households — nearly 7 per cent of the …

Savings increase could either mean a deeper, longer recession or faster recovery
4 years, 7 months ago

Savings increase could either mean a deeper, longer recession or faster recovery

ABC  

Household savings are on the way up since the coronavirus pandemic triggered Australia's sharpest economic downturn on record, and what happens next will determine the shape of the recovery. Key points: Household savings in June were 10 per cent higher than in February and up 31 per cent from a low point in January ABS data showed that the household …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

Australia suffers first recession in 29 years due to Covid-19
4 years, 7 months ago

Australia suffers first recession in 29 years due to Covid-19

CNN  

Sydney/Hong Kong CNN Business — 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. Despite the recession, Frydenberg said Australia has “avoided the …

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
4 years, 7 months ago

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth New Delhi: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as …

Coronavirus will send WA economy into a recession for 2020–21, Treasurer Ben Wyatt confirms
4 years, 7 months ago

Coronavirus will send WA economy into a recession for 2020–21, Treasurer Ben Wyatt confirms

ABC  

Western Australia's Treasury expects coronavirus to send the state's economy into recession, with a contraction of 3.1 per cent predicted in the 2020–21 financial year as the economy takes a $12 billion hit. Key points: The economy is set to grow 0.7 per cent this financial year before contracting The economy is set to grow 0.7 per cent this financial …

Why COVID-19 WON'T make houses more affordable for young, first-home buyers despite economic crisis
4 years, 7 months ago

Why COVID-19 WON'T make houses more affordable for young, first-home buyers despite economic crisis

Daily Mail  

The coronavirus crisis is unlikely to make real estate affordable for young, first-home buyers despite predictions of double-digit price falls, experts say. In Sydney, just 1.4 per cent of home sales in May were forced or urgent, the same level as February before the COVID-19 lockdowns, property sales website Domain has revealed. Distressed sales rates Sydney: 1.4 per cent Melbourne: …

Economic hit from coronavirus will be limited, NDRC head says
4 years, 7 months ago

Economic hit from coronavirus will be limited, NDRC head says

China Daily  

He Lifeng, head of the National Development and Reform Commission is interviewed via video link after the opening of the third session of the 13th National People's Congress at the Great Hall of the People in Beijing, capital of China, May 22, 2020. China has the ability to cope with the various risks and challenges amid the COVID-19 outbreak, and …

Coronavirus impact on Victorian economy to be 140 times worse than bushfires, Treasury expects
4 years, 7 months ago

Coronavirus impact on Victorian economy to be 140 times worse than bushfires, Treasury expects

ABC  

Victoria is expecting the economic damage of the coronavirus pandemic to be about 140 times worse than the impact of the bushfires on the state's bottom line. Key points: Mr Pallas said the pandemic would shrink the economy by about 14 per cent Mr Pallas said the pandemic would shrink the economy by about 14 per cent Rather than a …

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak
4 years, 7 months ago

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak

India TV News  

The UK faces a "significant recession", Chancellor of the Exchequer Rishi Sunak has warned after figures showed the country's economy shrank by 2 per cent in the first three months of the year due to the impact of the coronavirus-induced economic lockdown. The UK’s Indian-origin finance minister, who is at the forefront of the economic response to the coronavirus pandemic …

Coronavirus sent shockwaves through the Australian job market. Here are the numbers you need to know
4 years, 7 months ago

Coronavirus sent shockwaves through the Australian job market. Here are the numbers you need to know

ABC  

They're some of the first solid numbers on the impact COVID-19 restrictions are having on Australians' jobs, and they've been described as "devastating" and "terribly shocking" by Prime Minister Scott Morrison. Prime Minister Scott Morrison described the number as "terribly shocking, although not unanticipated", warning more dire employment numbers would follow Thursday's announcement. It's a drop of 2.4 per cent …

Coronavirus fuels steepest-ever drop in Australian jobs
4 years, 7 months ago

Coronavirus fuels steepest-ever drop in Australian jobs

Al Jazeera  

Hundreds of thousands lost jobs as a result of the coronavirus lockdown, as government warns worse is yet to come. Australian jobs plunged by the most on record in April as hundreds of thousands of people became unemployee as a result of coronavirus lockdowns, with Prime Minister Scott Morrison warning Australians to brace for more “hard news”. Additionally, Prime Minister …

CBA warns Australia risks 32 per cent house price crash in a 'prolonged downturn', flags $1.5 billion coronavirus-hit to bank
4 years, 7 months ago

CBA warns Australia risks 32 per cent house price crash in a 'prolonged downturn', flags $1.5 billion coronavirus-hit to bank

ABC  

Australia's biggest home lender is warning Australian house prices could tumble by a third if coronavirus leads to a "prolonged downturn" and extended period of high unemployment. Key points: CBA announces an unaudited profit of $1.3b for the first three months of 2020 The bank is setting aside $1.5b for potential coronavirus-related losses, bringing total credit provisions to $6.4b CBA …

States will pay dearly if coronavirus restrictions are forced to return, Frydenberg warns
4 years, 7 months ago

States will pay dearly if coronavirus restrictions are forced to return, Frydenberg warns

ABC  

Some state economies could lose up to $1 billion every week if hard-line coronavirus restrictions need to be reimposed, the Federal Treasurer will today warn. Key points: Thousands of jobs are expected to return as restrictions ease, boosting state economies Monthly economic output could increase by $9 billion when stage three restrictions ease The main driver of the recovery will …

UK economy heading for worst crash in 300 years due to coronavirus
4 years, 8 months ago

UK economy heading for worst crash in 300 years due to coronavirus

CNN  

London CNN Business — The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England. The central bank expects a swift economic recovery in 2021, but it cautioned that its forecast, which assumes a gradual easing of social distancing measures and “very …

Coronavirus is focusing attention on how fragile global supply chains can be, so how will Australia respond?
4 years, 8 months ago

Coronavirus is focusing attention on how fragile global supply chains can be, so how will Australia respond?

ABC  

The economic shutdown has focused much attention on supply chains. "If coronavirus has shown us anything, it's that we are far too reliant on China and other countries for key minerals like lithium, cobalt and nickel," he said. If you look at supply chains from a national security perspective — rather than an economic one — the coronavirus has shown …

Coronavirus Australia news: Australia doing better than modelling predicted as SA, WA record another day of no new COVID-19 infections, as it happened
4 years, 8 months ago

Coronavirus Australia news: Australia doing better than modelling predicted as SA, WA record another day of no new COVID-19 infections, as it happened

ABC  

Sorry Mr Morrison, but after seeing the weather forecast I think my part of Australia will stay under the doona this weekend. As hard as it may be to believe right now with states gripped in a cold snap, thanks to my colleague Kate Doyle I just learned that the Bureau of Meteorology's monthly review has found that April was …

Can the US economy recover from coronavirus?
4 years, 8 months ago

Can the US economy recover from coronavirus?

Al Jazeera  

As the pandemic spreads in the US, the country’s economy is likely to face its worst crisis since the Great Depression. It shrank by almost 5 percent in the first quarter of this year – the biggest slide since the 2008 financial crisis. As many businesses are going bankrupt, the US has pumped more than $2 trillion into the economy …

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms
4 years, 8 months ago

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

Firstpost  

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record Washington: The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began …

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