New Zealand’s economy has fallen into recession. Gross domestic product fell 0.1% from the prior three months, when it dropped an upwardly revised 0.7%, Paul Allen and Haidi Stroud-Watts report on Bloomberg Television.
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New Zealand Economy Falls Into Recession
The economy of New Zealand has officially fallen into a recession for the first time in a decade, as the impact of the COVID-19 pandemic continues to weigh heavily on the country’s economic activity. The government announced that the gross domestic product (GDP) fell by 12.2% in the second quarter of 2020, following a 1.4% decline in the first quarter, marking the country’s first recession since the global financial crisis in 2009.
The pandemic has severely disrupted the economy, leading to a sharp decline in consumer spending, tourism, and international trade. The closure of borders and strict lockdown measures to curb the spread of the virus have also taken a toll on businesses, particularly in the hospitality and tourism sectors. With the ongoing uncertainty surrounding the virus, it is likely that the economy will continue to face challenges in the coming months.
The government has implemented various measures to support the economy, including wage subsidies, business grants, and interest-free loans for small and medium-sized enterprises. The Reserve Bank of New Zealand has also lowered the official cash rate to a record low of 0.25% and initiated a quantitative easing program to provide additional stimulus to the economy.
Despite these efforts, the road to recovery for New Zealand’s economy remains uncertain. With the global economic outlook also being bleak due to the pandemic, the country’s reliance on international trade and tourism may continue to pose challenges. The government’s focus is now shifting towards creating sustainable growth and employment opportunities to drive the recovery.
It is clear that the road to economic recovery will be long and challenging for New Zealand. However, with continued government support and resilience from businesses and consumers, there is hope that the country will be able to navigate through these difficult times and emerge stronger in the future. It will be crucial for policymakers to continue to monitor the situation closely and adjust their strategies as needed to support the economy and mitigate the impact of the recession.
flechazos mata primer cerebro y corazon en existencia en nueva zelanda
antorchas de fuego incendias pozos de gases y combustibles en nueva zelanda
The New Zealand Reserve Bank (along with other central banks around the world) caused this high inflation with stupidly unnecessarily low interest rates flooding the economy with easy money fueling a massive housing bubble. Now they are panicking and over correcting, not releasing any rate change takes 1-2 years to have an effect. Apparently these complete muppets missed high school level economics 101 class.
Ireland has a lot of similarities to NZ, population etc. But Ireland economy is growing but being held back by a lack of rental properties. People are leaving the country not because there's no jobs but because the cost of living is gone through the roof and there's nowhere to live. The country can't encouraged foreign workers because of the lack of rental properties.
“Some people worry. Others prepare.” – Robert Kiyosaki
Im looking to emigrate here with the family as a skilled tradesman. But the more i look into it the more expensive and troubling it looks.
labours made a real mess of the country…
This is all govt driven self created recession, every one filling there pockets, Jecinda had her own, abandoned kiwis. Nz literally its puppet of USA, fully targeting economy. Rbnz is keep increasing rates naming inflation and all the consumer increasing there rates take all looses from consumers. Its legally looting kiwis crushed to the ground by the name of inflation. its been years nothing has worked out talented people are leaving country still shame on RBNz. Govt and Nz news channels they have no voice. They still covering up the biggest problem is lost ocean gate sub. Seriously, Nz news channels have no comments on, they are biggest problem in Nz, they pretend everything is normal. Kiwis they have no place to complain.
The Government and RBNZ have decided to make all new Zealanders pay for their f.. ups . Government overspending, RBNZ increasing interest rates to make up for their losses and to gain more Dividends. This is what It looks like to me, and we're being feed uter – B.S.
Another friend of U S A that has ended up under the bus
Doesn't surprise me one bit ? You wonder why kiwis come to Australia because one their run by idiots in government two they are isolated three they pay through the nose for everything & have a higher GST rate than Australia so I rest my case!!!!!
Go woke, go broke
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back
And everyone said I was nuts when I said sanctions and dumb climate change regulations are ruining NZ. Not to mention the immigration
I Wonder what His Business Card Looks like
Karl Rock needs to thank his stars that he is married to Manisha.
Not a recession in America if you're a Democrat. It's racism.
Hmm any country besides the US recognizes the technical recession apparently.
not as bad as Australia
Only the US can escape recession. USA and it’s algos are programmed to keep the world order in tact. This is a fact
Terrible news one of my favorite places in the world.
Good to see Paul Allen alive and well.
So the recession is due to uncontrollable external factors that will dissipate and the economy will recover shortly. Hmm k.
That's what you get when you have hardcore left Liberals running the economy to the ground. Justin Trudeau's trying his best here in Canada.
No biden in new Zealand?
Sorry bulls.