Australia is officially in its first recession in 29 years. The feeble state of its economy is undeniable.

Getty Images / Saeed KHAN / AFP

• Australian Treasurer Josh Frydenberg confirmed the country is in a recession on Wednesday.
• The acknowledgment comes after the first quarter GDP figures show the economy shrunk 0.3% largely before businesses were even shut by the government.
• With another contraction in the realm of 8.5% forecast for the June quarter, Australia has entered its first recession since 1991.
• Visit Business Insider's homepage for more stories.

Australia is in the midst of a historic moment it would rather have avoided.

An economic contraction of 0.3% in the first three months of the year, confirmed by official data on Wednesday, means Australia is undoubtedly in the middle of its first recession since 1991 — and only it's set to get worse.

See the rest of the story at Business Insider

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