Australian Economy hit by Covid-19 crisis
Covid-19 has caused a great economic dive and caused recession all over the world. Australia also experienced a major dive in the economy in the pandemic period since the great depression. According to the data released on the country, Australia is experiencing recession for the first time in 28 years. The government reported that the economy shrunk up to 7% in June, which is one of the biggest contraction recorded since the year in 1959.
The unemployment level is at its maximum in 2020, almost similar to the depression era period which is one of the major concerns for the country. The country experienced a drop of 0.3% in the first quarter of the year, after logging two straight quarters of contraction.