Economy

NZ in recession: hit smaller than expected but still horrendous

Rebecca Howard
Thu, 17 Sep 2020

Rebecca Howard
Thu, 17 Sep 2020
The finance minister, Treasury and economists may all say the economic picture is better than they originally feared but there is no denying New Zealand has been hit by a sharp, broad shock.The economy shrank a record 12.2 percent in the June quarter as lockdown restrictions brought activity to a virtual standstill.Just to be clear, that’s the biggest contraction ever.In the early days of covid-19, economists and the Treasury had predicted a far worse number. However, a better-than-expected post-lockdown bounce meant the latest forecasts...

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