How Australia Avoided the Recession
Australia did actually avoid the recession even there were some aspects of the economy that were affected in the country. Even as the world fought the financial crisis and the depression, Australia experienced a 0.4 percent seasonal increase in the first quarter of 2009 as compared with the previous quarter. This was indeed good news that the statistical department released since experts were expecting an increase of 0.2 percent.
The fact that the experts expected an increase itself was considered to be sign of the fact that Australia was not facing the kind of depression that the other parts of the world were. However, it was also noted that the numbers were impacted significantly due to shrinking imports, something that does not indicate a healthy economy.
So while the country did not experience recession in the way that the world did, there were traces of the same. Unemployment increased and business investment declined. The maximum effect of the recession came in from its trading with the Asian continent. Most of the countries were relatively protected from the recession except for Japan which was hot the maximum. Therefore the exposure for the Australian economy as lower and therefore the country emerged relatively unscathed.
The National Bureau of Economic Research in the US states that a recession can be declared when the economic activity slows down by a significant amount. If this continues for more than a few months, it becomes obvious that the recession is for real. Australia did experience a recession in that sense but kept ahead of the rest of the pack.
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