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‘A per capita recession is likely’
The de-escalation of the Middle East conflict and a major retreat in global oil prices have allayed fears of a recession in Australia, despite substandard growth expected in the year ahead.
Oil prices did not rise as much, and the cut to the excise tax blunted the impact on households.
Growth is likely to be quite weak for the rest of the year, and because of that, a per capita recession is likely.
They [per capita recessions] are not as severe as a conventional recession – the changes in unemployment tend to be far less severe – but they do constitute a decline in living standards.
For more details: Navamalayalam.com