South Korea’s economy slumped into a recession after contracting for a second consecutive quarter, as the global pandemic took a heavy toll on the export-reliant country. Gross domestic product shrank by 3.3% for three months until June from the prior quarter when it contracted 1.3%,… Read More »South Korea’s economy sinks into recession
Stocks sink in Shanghai as U.S.-China tensions rise; Seoul stocks fall as South Korea’s GDP contracts further
SYDNEY–Australia’s federal government forecast a record budget deficit as spending swells to counter the economic downturn brought on by Covid-19. The budget deficit will balloon to $184.5 billion Australian dollars (US$131.7 billion) in the year ending June 30, 2021, up from A$85.8 billion in the… Read More »Australia predicts record budget deficit