Recession in Australia: Economy had its worst quarter on record

Published

4 years ago

September 2, 2020

Recession in Australia: Economy had its worst quarter on record

The country’s GDP in the second quarter decreased by 7% compared to the previous quarter. Australian Bureau of Statistics (ABS) said Wednesday. This is the second consecutive quarter of recession for Australia – GDP contracted 0.3% in the first quarter – and the largest drop since the record began in 1959. It was also worse than the projected 5.9% drop that was expected according to the Refinitiv analyst survey.

The authorities attributed the fall to the pandemic and the halting measures that the country took to contain it, although Australia had already argued about the problems before. The country was devastated earlier this year worst forest fires he has seen in decadesmaking consumer spending and tourism more difficult, according to Australian Tourism Export Council…

In the last quarter, the closures of hotels, restaurants and other services due to the pandemic were clearly hit: household consumption fell by more than 12%, while spending on services fell by almost 18%.

“We have done our best to soften the blow to the Australian community from Covid-19,” Treasurer Josh Friedenberg said in Canberra on Wednesday. “Saving lives and ensuring that the Australian health system is able to test, track and treat coronavirus cases has been and will remain our priority.”

There is probably more pain ahead. The Reserve Bank of Australia has said the rate of recovery outside the last quarter is uncertainty depending on how long the outbreak lasts. And Victoria – Australia’s second most populous city of Melbourne – is now withstanding the most severe constraints felt the Australians during the pandemic, after the brutal second wave of the virus.

“This will have a big impact on the September numbers,” added Friedenberg.

The recession is a landmark turn for the Australian economy, which has experienced 29 years of economic growth. IN the streak was partially caused due to China’s insatiable appetite for commodities such as iron ore and coal, as the country has become the world’s second largest economy. (Notably, these relations have worsened recently: tensions between China and Australia spilled on beef, a little bit and wine after the last country called for an investigation into the causes of the pandemic.)

Australia imposes strict measures on new viruses in Victoria as early successes fail

The recession will put pressure on the Reserve Bank of Australia to consider additional measures to keep the economy afloat, said Marcel Tiliant, senior economist for Australia and New Zealand at Capital Economics. The central bank has already cut its money rate to a record low to help businesses and households weather the downturn.

The pandemic has harmed many world powers. All leading advanced economies – Canada, France, Germany, Italy, Japan, UK and USA – saw their economy plummet in the first half of 2020.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.