July 23, 2020

Australia warns economy to shrink record 7% in Q2

Sydney (AFP) – Australia warned on Thursday that its economy will shrink at its fastest pace in history during the second quarter, while the budget deficit will be the biggest since the Second World War as the country battles to contain the impact of the coronavirus.The government has stumped up tens of billions of dollars to fight the pandemic, which has ravaged global trade and forced the shutdown of much of the country earlier in the year, crippling the economy.The reimposition of a six-week lockdown on five million people in Melbourne, the second-biggest city, has added to the struggles fo…

source https://this.kiji.is/en/658885058652996705?c=648607265489716321

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