ASX banks like National Australia Bank Ltd (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) are worried about the Australian economy.

According to reporting by the Australian Financial Review, economists at ANZ and NAB think that the Australian economy will shrink in the first three months of this year because of the coronavirus and the bushfires affecting an already soft economy.

China is the biggest trading partner with Australia with all of the purchases of iron ore, the visiting tourists, the students and so on.

Read more: https://au.finance.yahoo.com/news/australia-enter-recession-banks-worried-032311285.html