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Australia’s economy is likely to have contracted in the first quarter as the novel coronavirus crisis drags the land down under to its first recession in three decades.
Fifteen economic analysts foresee that the A$ 2 trillion economy will decline by 0.3% in the three months ended March. This will come as the country’s first quarterly decline since 2009. More so, annual economic growth is predicted to decline by 1.4%, far smaller than the 2.2% prediction in 2019.
Australian economy slipped deeper as the number of local coronavirus cases breached 7,000 from less than 100 recorded back in March.
It would be the country’s first technical recession if the economy contracts in the March and June quarters. To mitigate this pressing concern, the Reserve Bank of Australia had slashed its interest rate to a record low of 0.25% and launched an unlimited bond purchasing scheme.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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