Australia exits first recession
Australia has exited its first recession in almost 30 years
SYDNEY:
Australia has exited its first recession in almost 30 years, after official figures on Wednesday showed the economy grew 3.3% in July-September compared with the coronavirus-hit previous quarter. With local transmission of Covid-19 largely under control, official data showed businesses have begun to rebound and consumer spending has surged. The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9% compared with the previous quarter. Treasurer Josh Frydenberg said the figures “can give Australians cause for optimism and hope”, declaring that Australia “has performed better on the health and on the economic fronts than nearly any other country in the world”.
Published in The Express Tribune, December 3rd, 2020.
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