New Zealand Close to Recession as Economy Stutters: Statistics Bureau
New Zealand may be heading into recession after Stats NZ revealed that national GDP had fallen into the red during the December quarter.
It comes a few months after the governor of the Reserve Bank of New Zealand (RBNZ), Adrian Orr, admitted it was engineering a recession to combat inflation.
“What we are looking at is a one percent of GDP slow down over the period of three to four quarters in the second half of next year into 2024,” he said.
However, the economy already contracted 0.6 percent during the last quarter of 2022, significantly worse than the RBNZ’s forecast of 0.7 percent growth….