ICYMI, Westpac have forecast a recession for the Australian economy.
Projection is for:
- Australian economy forecast to contract by 0.3% in both the March quarter and the June quarter this year
- H2 2020 growth to return to positive
Says WPAC on the two consecutive quarters projected to show shrinking GDP:
- This constitutes a technical recession although with the expected recovery the unemployment rate is unlikely to lift much above 6%
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For clarity, a 'technical' recession is a recession. The commonly and widely accepted definition is two consecutive quarters of negative economic growth.
If WPAC's forecast turns out correct the recession will be the first for ozz Australia in nearly 30 years.
