SYDNEY - Australia has entered its first recession since 1991 after the economy shrank 7 per cent during the second quarter, official figures showed on Wednesday , as the country reels from the coronavirus pandemic.
The Australian Bureau of Statistics said it was the worst quarterly contraction on record and ends a record three-decade run of economic growth that was undented even by the global financial crisis. A recession is defined as two consecutive quarters of contraction. The economy shrank 0.3 per cent in the previous three months.
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