SYDNEY- Australia’s economic growth picked up pace and soared beyond what is expected last quarter. The recovery removed the threat of recession even as bushfires and novel coronavirus contagion brought disruptions to tourism and the travel sector earlier this year.
The risks posed by the COVID-19 urged the Reserve Bank of Australia (RBA) to reduce interest rates to low ground of 0.5% this week. Such scheme was part of a global response to the U.S. Federal Reserve’s decision of emergency policy easing.
Wednesday’s figures showed that the Australian economy expanded by 0.5% in previous quarter, recording its 29th year of growth devoid of recession. However, it stands that the forecast for the current quarter is gloomy due to the fast-paced spread of the novel coronavirus.
Majority of economic analysts expect a gross domestic product growth contraction as travel restrictions from China dragged tourism, education, and the retail sector. Despite this, statistics released on Friday removed recession concerns.
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West ...