when defining a global recession. Until April 2009, IMF several times communicated to the press, that a global annual real GDP growth of 3.0% or less in their view was "equivalent to a global recession". By this measure, six periods since 1970 qualify: 1974–1975, 1980–1983, 1990–1993, 1998, 2001–2002, and 2008–2009. During what IMF in April 2002 termed the past three global recessions of the last three decades, global per capita output growth was zero or negative, and IMF argued—at that time—that because of the opposite being found for 2001, the economic state in this year by itself did not qualify as a global recession. In April 2009, IMF had changed their Global recession definition to "A decline in annual percapita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, percapita investment, and percapita consumption." By this new definition, a total of four global recessions took place since World War II: 1975, 1982, 1991 and 2009. All of them only lasted one year, although the third would have lasted three years (1991–1993) if IMF as criteria had used the normal exchange rate weighted percapita real World GDP rather than the purchase power parity weighted percapita real World GDP. In 2020, the COVID-19 lockdowns and other government actions taken in early 2020 drove the global economy into a recession, the second largest global recession in recent history. Australia As a result of late 1920s profit issues in agriculture and cutbacks, 1931–1932 saw Australia's biggest recession in its entire history. It fared better than other nations that underwent depressions, but their poor economic states influenced Australia, which depended on them for export, as well as foreign investments. The nation also benefited from greater productivity in manufacturing, facilitated by trade protection, which also helped with lessening the effects. The economy had gone into a brief recession in 1961 because of a credit squeeze. Australia was facing a rising level of inflation in 1973, caused partially by the oil crisis happening in that same year, which brought inflation at a 13% increase. Economic recession hit by the middle of the year 1974, with no change in policy enacted by the government as a measure to counter the economic situation of the country. Consequently, the unemployment level rose and the trade