Australian Treasurer Says No Recession Expected Despite Bleak Economic Performance

Published on June 6, 2024

Australian Treasurer Jim Chalmers has declared that the country would not fall into a recession despite weak economic growth. According to the latest national account figures, Australian GDP (gross domestic product) grew by 0.1 percent in the March 2024 quarter, down from 0.3 percent in the previous three months and 0.2 percent in the September 2023 quarter. At the same time, GPD per capita dropped by 0.3 percent during the period, marking the fifth consecutive quarterly fall. The bleak performance of the economy has raised concerns about a potential economic downturn. However, during an interview on June 6, Mr. Chalmers rejected the idea of an upcoming recession. “That’s not our expectation,” he told the Today show....

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