A recession had been typically defined as two consecutive quarters of negative growth in real Gross Domestic Product (GDP).

 

(a) Based on the above definition for recession, describe the recession in the year 1991-1992 and 2020 in Australia. In addition, research and provide data on the following economic indicators in these last two mentioned recessions.

(i) GDP quarterly performance

(ii) GDP components (Consumption, Investment, Government Spending and Net Trade)

(iii) Unemployment rate

(iv) Inflation rate

please provide the detailed information as outlined above.