World's longest growth streak ends as Australia enters recession

A pedestrian holding an umbrella walks along the Sydney Opera House forecourt in Sydney, Australia, on April 3, 2020. Foto: Bloomberg/Brendon Thorne

Australia's almost 29-year recession-free run has come to a close, ending the developed world's longest uninterrupted economic growth streak.

Gross domestic product declined 0.3% in the first three months of the year, government data showed Wednesday, and that downturn is set to deepen in the current quarter as the full effect of shutdown to stem covid-19 takes hold. Treasurer Josh Frydenberg responded with a simple "yes" Wednesday when asked if Australia is in recession...

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