Australia to enter recession for first time in 29 years

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Australia's economy is set to enter a recession for the first time in 29 years.

During the first quarter, the economy shrank by 0.3%. Treasurer Josh Frydenberg cautioned that the economy would again drop in the period between April and June, meeting the technical definition of a recession.

Citing the impact of the coronavirus pandemic, Frydenberg said the country's economy should pick back up gradually in the second half of 2020.

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