Depressionberg upsells his depression

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He’s done OK, led by Labor on the stimulus that mattered, so why lie about it? Via the AFR:

Only three countries in the world experienced a less severe June quarter economic downturn than Australia’s record 7 per cent hit, according to Treasury analysis.

South Korea, Finland and Denmark recorded economic contractions in the June quarter of 3.2 per cent, 4.5 per cent and 6.9 per cent respectively. All three countries imposed strict COVID-19 lockdowns.

But those countries also all recorded bigger hits to their economies in the previous quarter than Australia did. In March, Australia’s economy shrank 0.3 per cent while Korea’s contracted 1.3 per cent, Finland’s 1.9 per cent and Denmark’s 2 per cent.

Balderdash:

China 11.5 -10
Bolivia 6.1 -0.9
Kuwait 2.6 -1
Uganda 2.5 0.8
Trinidad And Tobago 2.2 -1.8
Ghana 1.2 1.9
Ireland 1.2 0.4
Saudi Arabia 1.2 0.3
Kenya 1.1 1.4
Algeria 0.8 1.4
India 0.7 0.9
Moldova 0.5 -1.2
Paraguay 0.4 1.4
Bosnia and Herzegovina 0.3 -0.1
Russia 0.3 0.5
Hong Kong -0.1 -5.3
Albania -0.3 -0.6
Senegal -0.5 4
El Salvador -0.8 0.5
Belize -0.9 -1.2
Botswana -0.9 1.7
Qatar -1.4 -1.4
Taiwan -1.4 -1.03
Costa Rica -1.6 1
Greece -1.6 -0.7
New Zealand -1.6 0.5
Uruguay -1.6 -0.7
Jamaica -1.7 -0.5
South Africa -2 -1.4
Ecuador -2.11 -0.68
Bahrain -2.24 -1.4
Malta -2.3 1.1
Namibia -2.59 0.59
Honduras -2.6 0.7
Luxembourg -2.9 0.4
South Korea -3.2 -1.3
Mauritius -3.6 1.5
Indonesia -4.19 -2.41
Rwanda -4.2 1
Finland -4.5 -1.9
Argentina -4.8 -0.9
Norway -5.1 -1.7
Lithuania -5.5 -0.3
Estonia -5.6 -2.2
Dominican Republic -6.5 5.8
Latvia -6.5 -2.9
Denmark -6.9 -2
Australia -7 -0.3
Japan -7.8 -0.6
Israel -8.1 -1.7
Switzerland -8.2 -2.5
Slovakia -8.3 -5.2
Sweden -8.3 0.2
Netherlands -8.5 -1.5
Czech Republic -8.7 -3.3
Poland -8.9 -0.4
Iceland -9.1 -5.7
Serbia -9.2 -0.5
Slovenia -9.6 -4.5
Brazil -9.7 -2.5
Germany -9.7 -2
Thailand -9.7 -2.5
Bulgaria -9.8 0.3
Ukraine -9.9 -0.7
Austria -10.4 -2.4
Turkey -11 -0.1
Canada -11.5 -2.1
Cyprus -11.6 -2.1
European Union -11.9 -3.5
Belgium -12.1 -3.5
Euro Area -12.1 -3.6
Romania -12.3 0.3
Italy -12.8 -5.5
Chile -13.2 3
France -13.8 -5.9
Portugal -13.9 -3.8
Nigeria -14.3 -5
Hungary -14.5 -0.4
Colombia -14.9 -2.4
Croatia -14.9 -1.3
Philippines -15.2 -5.1
Malaysia -16.5 -2
Mexico -17.1 -1.2
Spain -18.5 -5.2
Tunisia -20.4 -2
United Kingdom -20.4 -2.2
Peru -27.2 -6.3
United States -31.7 -5
Singapore -42.9 -3.3

I’m pretty sure that I’m the world’s fastest short, fat bloke named David Llewellyn-Smith but that doesn’t mean I should get a medal for it.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.