Connect with us

World

Australia falls into a recession, global economies at a loss

Published

 on 

PHOTO: Michael Lee

“Our record run of 28 consecutive years of economic growth has now officially come to an end. The cause: a once-in-a-century pandemic.”

Just about everyone hit from the coronavirus pandemic. Businesses closed. Many lost their jobs. Paychecks were cut. Economies across the globe slipped into recession and Australia is now added to that list. The country reported it has sunk into a recession for the first time in 28 years. China is the only major economy that experienced a growth.

Australia has reported 26,000 confirmed Covid-19 cases and 663 deaths. The country was able to slow the spread and contain the virus, for the most part, but a recent outbreak in Melbourne caused 5 million people to go into lockdown. Treasurer Josh Frydenberg says the recession confirms the negative impact the pandemic has on the Australian economy.

“Our record run of 28 consecutive years of economic growth has now officially come to an end. The cause: a once-in-a-century pandemic.”

In Thailand, the economy is shrinking so much, it’s close to hitting as low as it did in the 1998 financial crisis. The Thai economy is dependent on tourism, but with the pandemic’s travel restrictions, the industry is at a major loss.

The Thai government is trying to figure out ways to get domestic tourism up and running again. They’re also trying to map out a plan to allow international travellers to enter Thailand safely, without risking a potential second wave of the coronavirus.

In the Philippines, so many people don’t have paper cash that they are now bartering items for food. Charles Ramirez launched a bartering website in Manila that now has 14,000 members. Bartering groups have also popped up on Facebook.

“People are realising that while they have no money, they have accumulated a lot of material things … It’s a depressing feeling, of course, having to let go of things you have accumulated just to be able to survive.”

The virus also led Brazil to fall into a recession. The economy contracted 9.7% in the second quarter of the year. The country’s GDP is now the same as it was during the 2009 global financial crisis, according to the Brazilian Institute of Geography and Statistics.

China is the only major economy that has avoided recession, even though it’s where the virus started. The economy dipped by 10% in the first quarter, but shot back up 11.5% in the second quarter.

SOURCE: Bangkok Post

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

4 Comments

4 Comments

  1. james

    Wednesday, September 2, 2020 at 10:40 pm

    Australia is a tiny economy anyway, smaller than that of India.

    Its main export is iron ore and other minerals to China which makes things out of them and then sells them back to Australia.

    This news will not affect the rest of the larger world economies.

    • Preesy Chepuce

      Thursday, September 3, 2020 at 1:21 am

      Lol, you can’t compare an advanced economy with a developing one, no matter the numerical “size”, most of the effects in the real economies of the so-called “large economies” are hidden… Don’t believe the China numbers at all.

      • james

        Thursday, September 3, 2020 at 9:23 pm

        Preesy

        You can try and polish it up as much as you want, Australia is a small economy, once they run out of minerals they will turn back into a desert.

        They don’t even have nuclear power, how backward is that?

  2. James

    Friday, September 4, 2020 at 10:44 pm

    Aussi gov should focus more on its economy rather than running too much into international politics.

You must be logged in to post a comment Login

Leave a Reply

Caitlin Ashworth is a writer from the United States who has lived in Thailand since 2018. She graduated from the University of South Florida St. Petersburg with a bachelor’s degree in journalism and media studies in 2016. She was a reporter for the Daily Hampshire Gazette In Massachusetts. She also interned at the Richmond Times-Dispatch in Virginia and Sarasota Herald-Tribune in Florida.

Follow Thaiger by email:

Tourism4 mins ago

Phuket welcomes 6,730 flights in December

Tourism59 mins ago

Thailand tourism predicted at 80% of pre-Covid in 2023

Transport3 hours ago

Bangkok airport expansion prepares for bidding war

Sponsored6 hours ago

Marketing in Thailand as a Foreigner: Volume #3 The Marketing Noises

Crime3 hours ago

Child Protection Foundation leader faces child labour charges

Road deaths3 hours ago

Red-Bull hit-and-run prosecutor dismissed

Transport4 hours ago

Phuket flight cancellation due to earlier cancelled flight, runway maintenance

Join the conversation on the Thaiger Talk forums today!
Election4 hours ago

Pheu Thai Party under fire as Tuhao-Shinawatra connection exposed

Video5 hours ago

THAIGER PODCAST | Ep.14 Saving Thai cats one paw at a time

Tourism6 hours ago

Bullets-in-bag Israeli given 18 months in Thailand

Video22 hours ago

Thailand News Today | 9 year olds smoke cannabis on Pattaya Beach in Thailand

Economy23 hours ago

Thai baht soars to six-month high against US dollar

Pattaya23 hours ago

Motorcycle taxi riders rally against unlicensed ride-share app drivers in Pattaya

Pollution23 hours ago

Over 100 tonnes of garbage estimated near Phuket Fishing Port

Thailand23 hours ago

Stop giving monkeys cigarettes, beg locals in Lop Buri, Thailand

Thailand23 hours ago

World Cup broadcasting soap opera drama rumbles on

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending