Interest rates are soaring and inflation is showing no sign of slowing down, sparking concerns Australia is headed for a recession in 2023. 9News
is showing no sign of slowing down, sparking concerns that Australia is headed for a recession in 2023.
A recession is a prolonged period of weak or negative growth in Gross Domestic Product , which is the monetary value of all goods and services, is accompanied by a rise in unemployment, according to the Reserve Bank of Australia.A "technical recession" - which may not be accompanied by a jump in unemployment - is traditionally defined as two consecutive quarters of negative growth in GDP.The Reserve Bank of Australia says there is no single definition for a recession.
Although Australia has avoided the worst affects of a recession for almost 30 years, 2023 may be the year of a shallow dip into a recession according to financial experts.
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