SYDNEY, Australia — Australia’s economic engine has run without a major hitch for nearly three decades. But the nation sometimes known as “The Lucky Country” could not escape the ravages of Covid-19. On Wednesday, Australia officially fell into recession — defined as two consecutive quarters of negative growth — for the first time since 1991. The Australian economy will most likely bounce back after Covid-19 is tamed. Its performance has been stronger than those of other countries, like Britain, where output fell by a more dramatic 20 percent in the most recent quarter.

Source: International New York Times September 02, 2020 10:38 UTC