Monday, Australian Prime Minister Kevin Rudd said for the first time that the country's economy is heading for a recession. He added that a recession is inevitable in the current global situation.
The worst global economic recession in 75 years means it's inevitable that Australia will be dragged into recession, Rudd said in Adelaide.
The severity of the global recession has made it impossible for Australia to avoid a further period of negative economic growth, he said.
The Prime Minster said seven of Australia's top 10 trading partners are in recession and the country could not escape from such a situation. he noted that cushioning the impact of recession on business and jobs is a big challenge for his government.
Last time, Australia fell into recession was in 1991. In the final quarter of 2008, the country marked its first negative growth figures for the first time in eight years. Economic forecasts indicate further negative growth in the first quarter of 2009.
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