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Economy

Australia faces end of world's longest boom with recession coming

After 29 years, coronavirus puts stop to economic run

An empty harbor in Sydney on March 24: Australia has shut down nonessential businesses in an attempt to slow the spread of the coronavirus.   © Reuters

SYDNEY -- Australia is headed toward its first recession in 29 years as aggressive measures against the new coronavirus deal a heavy blow to economic activity and employment.

Gross domestic product is seen shrinking in real terms for the January-March quarter, with UBS economist George Tharenou predicting a 1.4% quarter-to-quarter decline.

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