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For the first time in economic 30 years, unemployment has risen

Source: xkb.com.au
[Economic News]     16 May 2020
New south wales financial department chief economics said the state economic the first recession in nearly 30 years due to the new crown outbreak. Walters (Stephen Walters) said in a Senate inquiry into the state's government response on Friday that the state's economic is suffering to contain the epidemic. "economic in the new state is clearly in recession ," he said. "
For the first time in economic 30 years, unemployment has risen

(Officials from the New State Department of Finance say business closures and other preventive measures will plunge New South Wales into recession. )


New south wales financial department chief economics said the state economic the first recession in nearly 30 years due to the new crown outbreak.

Walters (Stephen Walters) said in a Senate inquiry into the state`s government response on Friday that the state`s economic is suffering to contain the epidemic.

"economic in the new state is clearly in recession ," he said. "

"This is the first time in nearly 30 years. "

According to sources, it is too early to think that new south wales economic recession.

A model speaker the impact of the new coronavirus on state GDP continues to evolve, the finance ministry said late Friday.

According to Mr Walters, the unemployment rate in New South Wales will rise further after Australia Bureau of Statistics reported on Thursday that unemployment in the new state rose 1.1 points to 6 percent, with more than 221,000 people unemployed in April.

Australian Bureau of Statistics data also show that the national unemployment rate will rise to 10% in the coming months.

"(Very consistent with previous economic recessions)," Walters said Friday. "

"Indeed, the unemployment rate reached 10 per cent in the economic recession of the 1980s and 11 per cent in the economic recession in the early 1990s —— and these figures broadly reflect the trend in the unemployment rate during the recession. "

Pratt (Michael Pratt), Secretary-General of the Department of Finance of New South Wales, said that the New Crown virus and epidemic prevention measures had a "profound" impact on the economic of the state.

"The state and state economic are likely to be in recession for the first time in three decades ," he told journalist. "

Mr. Pratt added that the virus could have long-term effects change state economic, including relationship. with China

NSW`s Department of Finance had predicted that 400,000 jobs would be lost if the state continued to block for six months, but given that the restrictions had been relaxed and the economic had begun to open, the number was now expected to decrease.

New south wales financial minister perot (Dominic Perrottet) acknowledged friday that the state "is facing the greatest health and economic challenges of our generation ".

"New South Wales now needs to be united and our primary goal is to save and create jobs ," he said in a statement. "

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