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Australia’s GDP in the second quarter of 2020 fell 7 percent compared to the first three months of 2020. For Australia it is the second consecutive quarter of decline after GDP fell 0.3 percent between January and March. . one hundred and therefore the country is in a technical recession for the first time in almost thirty years. The 7 percent drop in GDP due to the coronavirus emergency is also the highest since this type of survey began in 1959.
The slight decline in the Australian economy in the first quarter of 2020 was mainly linked to the first phase of the economic-health emergency linked to the coronavirus, but also to the numerous and extensive forest fires that lasted until February, causing great economic damage . to affected areas.
Australia had not entered a technical recession even during the great global crisis of 2008. Its almost thirty years of positive GDP trend represents a record unmatched in any other country in the Organization for Economic Cooperation and Development. (OECD). From 1991 to 2018, Australian GDP grew at an average rate of 3.2% per year, resisting economic and political crises.
In these nearly thirty years, Australia has taken advantage of particularly favorable conditions and made forward-looking policy decisions that have rewarded its economy. The proximity to China has enabled it to become a major supplier of raw materials, particularly iron and natural gas, of which Australia is very rich. China has also contributed to Australian growth in a crucial sector for the country: tourism.
In the second quarter of 2020, the world’s major economies suffered sharp drops in GDP due to the coronavirus pandemic. That of the United States fell by 9.5%, that of Italy by 12.8%, that of Japan by 7.6%, that of Germany by 10.1% and that of India by 23.9%.
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