A recession had been typically defined as two consecutive quarters of negative growth in real Gross Domestic Product (GDP).

 

(a) Based on the above definition for recession, describe the recession in the year 1991-1992 and 2020 in Australia. In addition, research and provide data on the following economic indicators in these last two mentioned recessions.

(i) GDP quarterly performance

(ii) GDP components (Consumption, Investment, Government Spending and Net Trade)

(iii) Unemployment rate

(iv) Inflation rate

please provide the detailed information as outlined above.

Answer rating: 100% (QA)

Lets break down the recessions in Australia in 19911992 and 2020 according to the criteria youve outlined Recession in Australia 19911992 Definition of Recession In the early 1990s Australia experienc... View the full answer