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The first thing to say is, the accounts do show that Australia is in a recession. The most important thing about that is that this is a recession that Australia had to have – Treasurer Paul Keating, November 1990. The remark has continued to spark debate as to the extent of Keating's responsibility for the depth of the Recession.
The recession itself became worse as other nations fell into depressions. They not only cut back on foreign investments to Australia but also led to a lower demand for Australian exports. That culminated into the biggest recession in Australia's history, which peaked in 1931–1932.
The country just released data showing its economy hasn't experienced two straight quarters of negative growth since 1991.
Australia's recession affected New Zealand's economy as Australia was New Zealand's biggest export market. [2] [3] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy. [4]
[73] [74] In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average after the financial crisis of 2007–2008, compared with a 9.2% rate over 2000–2007. [75] Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than the United States of America.
The US was last in a recession between December 2007 and June 2009, the longest and most severe since 1960. Dubbed “The Great Recession,” the economic slowdown was sparked by a steep decline ...
The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001. [1] The UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, began to recover from it. [citation needed] Japan's 1990s recession continued. A combination of the ...
The term recession is being thrown around a lot. Here are the basics.