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Australia economy: How prepared are we for looming global recession

Australia has weathered its fair share of economic slowdowns in the past without going into recession – but will it be able to pull off a miracle again?

As concerns over potential recessions in Eurozone, Britain and the US continue to build, the possibility of the first truly synchronised global economic slowdown since the GFC, excluding the impact of the pandemic, looms on the horizon.

On the world stage, the US is a major engine for global economic growth. But we’ve already seen figures from the first quarter there that showed negative growth.

Now the Atlanta branch of the US Federal Reserve is predicting 0 per cent growth for the second quarter, with even the most minor surprise potentially sending America into a technical recession.

Throughout much of the developed world it’s a similar story: Growth is slowing down significantly, rising inflation is hitting households and…

Read more at www.news.com.au

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