Great Recession in Oceania
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The Great Recession in Oceania was the
Australia
Australia is one of the three
Some analysts had predicted the continuing decline of trade in 2009 could put the economy into recession for the first time in 17 years.[5] However, these initial fears were proved largely unfounded as the Australian economy avoided recession and the unemployment rate peaked at a much lower rate than had been predicted. To help address the anticipated slowdown, the Australian government also announced a stimulus package worth $27 billion to spur economic growth while the Reserve Bank of Australia introduced a series of interest rate cuts.[6]
New Zealand
The New Zealand Treasury defines "recession" as "consecutive falls in real GDP." The department said that New Zealand's real GDP fell 3.3% between the December 2007 quarter and the March 2008 quarter, and that this start, before any other OECD nation, was the result of domestic factors. It said that New Zealand's recession was among the first to finish and was one of the shallowest.[7] New Zealand Institute of Economic Research's quarterly survey showed New Zealand's economy contracted 0.3 percent in the first quarter of 2008.
There was a substantial number of
The New Zealand Treasury concluded that the country's economy had contracted for a second quarter based on economic indicators, putting New Zealand in a recession.[10] New Zealand's central bank cut rates by half a percent arguing the economy was in recession.[11] New Zealand's GDP declined by 0.2 percent in the second quarter putting the country in its first recession in a decade.[12]
The economy emerged from recession in mid-2009, with the second-quarter GDP report showing the economy grew by 0.1 per cent on the March quarter.[13]
References
- ISBN 9780262018340.
- ^ Stutchbury, Michael (2008-10-11). "Calls for international community to flush the system". The Australian.
- ^ Yeates, Clancy (2008-10-11). "The fall of the little Aussie battler". The Sydney Morning Herald.
- ISBN 9780857989024.
- ^ Australia seen sliding into recession in 2009, International Herald Tribune, January 19, 2009
- ISBN 9780810883406.
- ^ "Special Topic: Recession and recovery in the OECD". NZ Treasury – treasury.govt.nz. Retrieved 29 July 2017.
- ^ Evans-Pritchard, Ambrose (2008-07-29). "Australia faces worse crisis than America". London: Daily Telegraph. Archived from the original on 2008-07-31. Retrieved 2008-07-30.
- ^ "New Zealand Building Approvals Fall to 22-Year Low". Bloomberg. 2008-07-29. Retrieved 2008-08-10.
- ^ "New Zealand 'enters recession'". BBC News. 2008-08-05. Retrieved 2008-08-10.
- ^ "New Zealand slashes rates as economy lurches toward recession". London: Daily Telegraph. 2008-09-11. Retrieved 2008-09-12.[dead link]
- ^ "New Zealand Economy Shrank 0.2%, Confirming Recession". Bloomberg. 2008-09-26. Retrieved 2008-09-26.
- ^ Louisson, Simon (2009-09-24). "New Zealand's economy grew 0.1% in second quarter". The Wall Street Journal Asia. Vol. 34, no. 18. p. 14. Retrieved 2009-11-17.