What was the economic growth performance of Australia during the December quarter of 2008?

Prepare for the HSC Economics Exam with comprehensive study materials, including flashcards and multiple choice questions. Each question offers hints and detailed explanations to boost your confidence and help you ace your exam!

During the December quarter of 2008, Australia experienced economic contraction, specifically noted as a decline of 0.8%. This period was significant as it coincided with the onset of the global financial crisis, which had widespread impacts on economies around the world. The contraction reflected the challenges faced by the Australian economy, including decreased consumer demand, lower business investment, and a reduction in exports due to weakened global economic conditions.

The decline indicates a period of economic difficulty, contrasting with periods of growth, where economic output rises. Understanding this contraction helps highlight the effects of global financial instability on national economies, illustrating how interconnected economic performance can be across borders. It also serves as a reference point for analyzing subsequent recovery phases in Australia’s economic trajectory in the years following 2008.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy