11-July-2020
Economy News
 
Covid hits Australia's golden economy, country faces rocky road to recovery
30-Jun-2020

Coronavirus has done to Australia what even the global financial crisis couldn't: abruptly end a record growth run and help trigger a deep recession from which the country will take time to recover. While Australia has had great success so far in heading off the pandemic, with just over 100 deaths, the cure of shutting out the rest of the world means massive hits to three key growth drivers - tourism, education and immigration. Fiona Gulin was 18 when the last recession hit Australia in the early 1990s. Back then, she managed to keep a part-time job at a music publication, before moving on to full-time work and a lucrative career in the entertainment industry. This time, she hasn't been so lucky. "I have been hit hard in this recession," said Gulin, who was laid off in April as the marketing director of the ANZ Stadium in Sydney, prompting her to ditch her rented house in the city and move back to her home in Melbourne.

News Source:- https://www.business-standard.com/article/international/covid-hits-australia-s-golden-economy-country-faces-rocky-road-to-recovery-120062900389_1.html