Australia will suffer its first recession in 29 years due to the impact of the coronavirus, according to revised economic forecasts by Westpac.
Australia’s second biggest bank by market capitalisation said on Monday it expects the economy to contract in the first and second quarters by 0.3 per cent respectively, which would constitute a technical recession.
But it expects the economy to bounce back strongly in the third and fourth quarters, which would see gross domestic product grow overall by 1.6 per cent in the 12 months to the end of December.
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