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The COVID-19 recession is the biggest economic shock since the Great Depression. GDP fell 6.3% in the year to June, the worst annual result since 1929.
The COVID-19 recession is the biggest economic shock since the Great Depression. GDP fell 6.3% in the year to June, the worst annual result since 1929.
It should be pointed out that this article relates to government debt and GDP figures in Australia. In the context of the Great Depression I would usually assume it concerned the U.S.
It should be pointed out that this article relates to government debt and GDP figures in Australia. In the context of the Great Depression I would usually assume it concerned the U.S.
Different rates of GDP growth would change this story. With an even higher nominal growth rate, debt would shrink even faster relative to GDP. In a scenario of prolonged low growth, debt would increase relative to GDP a little, but remain very modest.
Different rates of GDP growth would change this story. With an even higher nominal growth rate, debt would shrink even faster relative to GDP. In a scenario of prolonged low growth, debt would increase relative to GDP a little, but remain very modest.
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