Australia is now going through a recession, the first time in about three decades.
This has been attributed to the COVID-19 pandemic that resulted in the country taking various shutdown measures.
According to the Australian Bureau of Statistics, Australia’s GDP shrank by all of seven per cent in the second quarter compared to the previous one. This is the largest drop since records began in 1959.
The decline in the economy is also being attributed to the wildfires that ravaged the country earlier this year.
“We have done everything possible to cushion the blow for the Australian community from COVID-19,” Treasurer Josh Frydenberg said on Wednesday. “Our priority has and will continue to be saving lives and ensuring that Australia’s healthcare system has the capacity to test and to trace and to treat coronavirus cases.”
Australia is not alone, though, as Canada, Italy, Germany, the United States, Japan, France and the United Kingdom have seen massive economic declines as a result of the pandemic.