Cue the Irony: Australia on the Verge of Recession?

Mere hours after posting about Australia’s amazing 21-year stretch without a recession, I read that Australia could now be on the verge of a recession.

According to the New York Times,

Australia faces a gathering threat to its 21-year run of recession-free growth that will probably require the central bank to cut interest rates to record lows and keep them there for some time, if the winning streak is to stretch to 22.

The slowdown in China has deflated prices for Australia’s main resource exports while forcing miners to scale back on their most ambitious expansion plans. When the country reported its widest trade deficit in three years for August, it seemed just a taste of what was to come.

I wish I could say that I predicted that.

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One response to “Cue the Irony: Australia on the Verge of Recession?

  1. The Savvy Senorita

    I would never have thought it! I have friends living there, and I was saying to them how great the economy seems to be, while every other country seems to be struggling. I certainly hope they don’t face what most of EU and the UK have.

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