Australia hasn’t fallen into recession for nearly 30 years.Goldman Sachs believes that run will come to an end this year, warning not only that there'll be a recession, but that it will be a doozy.“The global experience suggests social-distancing and broader containment measures will intensify further over the coming weeks and – with Australia entering its winter mid-year - the revised guidance from the government is to prepare for containment measures extending for at least the next six months,” Goldman warned.“Given this rapid deterioration in the outlook, we now estimate the Australian economy will contract 6 per cent in 2020 in annual average terms.“This represents the sharpest annual GDP contraction since the great depression of the 1920s.”
What will happen to overinflated housing, banks and iron ore I wonder! This is going to be insane
