Australia’s GDP showed a record decline, the deficit the US budget will triple by the end of the year
Australia's GDP contraction in the second trimester was worse analysts' forecasts - it was -6.3% yoy, whereas experts expected it at -5.1%. In monthly terms, GDP fell by 7% (analysts predicted 6%). As a result, the Australian economy entered into recession, which has not happened for 29 years. According to Marcel Tillant, leading economist at Capital Economics, the Australian central bank is likely to take new measures economic support. The regulator on Tuesday expanded the credit line for up to 200 billion Australian banking institutions dollars to keep rates low. According to the forecast of the Budget Office of the U.S. Congress, the deficit of the U.S. federal budget, which is now on the highest mark since 1945, this year will grow more than 3 times and will reach 3.3 trillion (16% of GDP). The main role in this will be played by billions of dollars allocated by the country's authorities to support economy in connection with the coronavirus pandemic.