Connect with us

World

Australia falls into a recession, global economies at a loss

Caitlin Ashworth

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

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

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. Avatar

    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.

    • Avatar

      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.

      • Avatar

        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. Avatar

    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:

Tourism13 hours ago

Alcohol ban predicted to damage Thailand’s reopening, reputation

Crime14 hours ago

Woman who cut safety rope of workers offers feeble excuse

Video14 hours ago

Thailand News Today | Dirty gloves probe, Bocelli & Lisa, ASEAN fallout | October 27

Sponsored22 hours ago

Top 5 dental clinics by Dental Corporations PLC in Thailand

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Coronavirus (Covid-19)15 hours ago

Police seize Covid-19 antiviral drugs allegedly stolen by hospital manager

Thailand15 hours ago

Student dies after receiving second Covid-19 vaccine shot

Coronavirus (Covid-19)15 hours ago

Foreign Ministry denies blocking Poland’s donation of vaccines

image
Join the conversation on the Thaiger Talk forums today!
Thailand15 hours ago

Travellers now exempt from quarantine advised to directly contact AQ hotels for refund

Crime16 hours ago

Legal proceedings expected this week for “Joe Ferrari” death in custody case

Coronavirus (Covid-19)17 hours ago

Wednesday Covid Update: 8,452 new cases; provincial totals

Bangkok17 hours ago

Police bust Bangkok pub serving alcohol, 61 arrested

Bangkok17 hours ago

Russell Crowe bids Bangkok goodbye after much-praised tweets

Thailand18 hours ago

Thai government forms panel to probe the export of used medical gloves

ASEAN18 hours ago

Myanmar no-show a focus as ASEAN summit gets underway

Drugs18 hours ago

Police arrest 3 vans in Korat with 1.82 tonnes of marijuana

Thailand18 hours ago

Sedatives and painkillers, Thai new year – 3 million USD on 2 people | Thaiger Bites | Ep. 47

Thailand1 month ago

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

Thailand8 months ago

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

Tourism8 months ago

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

Phuket8 months ago

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

Tourism8 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand8 months ago

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

Tourism8 months ago

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

Thailand9 months ago

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

Thailand9 months ago

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

Thailand9 months ago

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

Thailand10 months ago

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

Thailand10 months ago

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

Thailand10 months ago

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

Thailand10 months ago

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

Thailand10 months ago

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

Trending