2023 is a strange time to be alive. By all means, this is the post-COVID world where people are already recovering from illnesses and finding new ways to fall sick too.
To make matters worse, market pundits are already calling it a global recession, much akin to the global financial crisis of 2008, thereby raising concern for several countries around the globe. And there are more than one reasons why Australia needs to up its guard.
To make matters worse, market pundits are already calling it a global recession, much akin to the global financial crisis of 2008, thereby raising concern for several countries around the globe. And there are more than one reasons why Australia needs to up its guard.
The following market statistics account for a not-so-positive outlook:
When you look at the several australian blogs related to the Australian economy, things aren’t very promising either. Take Sydney for instance, where diesel prices show a downward trend from >$2.30 per litre to < $2.10 per litre, thereby initiating browser relief for household budgets struggling under high-interest rates and inflation.
Furthermore, the Cost of Living Report 2023 by Finder to hints elaborately at petrol prices as the leading source of financial strain for Australian consumers in 2023. Alongside, energy costs, rank fourth, following housing and grocery expenses. Reportedly, the proportion of households reporting petrol prices as a cause of financial stress surged from 12% in March 2020 to 27% in March 2021, before taking a dip to 26% in March 2023.
Looming Threat of a Global Recession in 2023 and Why Australia Needs To Think About It
That being said, the impact of a global recession in Australia could be way more significant, particularly given its history of economic recessions. The country has experienced several economic recessions in the past, with the most recent being in 2020, 2008, and 1991. What it means for Aussies is a high level of unemployment, a marked decline in consumer spending, and an equal slowdown in economic growth.
