Recession worries? Blame China's economic flu

Dominick Stephens (centre) and Struan Little (right) spoke at an Auckland Chamber event moderated by Simon Bridges. (Image: BusinessDesk)

Dileepa Fonseka

Thu, 25 Jul 2024

A senior Treasury official says New Zealand's economy is worse than originally forecasted, and much of that is due to China. That's what Treasury’s chief economic adviser, Dominick Stephens, told a business audience in Auckland on Wednesday morning – reminiscent of the adage that when the United States sneezes, the world gets a cold, but tweaked to include China’s sniffles.“Treasury has for quite some time anticipated a recession, a downturn … we had been foreshadowing it for some time, but with the B...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up 0.4% after a2 Milk surge

The S&P/NZX 50 Index closed at 12,266.25, gaining 57.2 points or 0.47%.

Graham Skellern 6:10pm

Hospitality

Keg supplier Konvoy in receivership

An employee said the company has about 80% market share in New Zealand.

John Anthony 5:00pm

Infrastructure

Investment Summit creates 'momentum'

An Italian tunneling firm says the summit helped convince them to stay in NZ.

Oliver Lewis 4:15pm

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Economy

Economy

Spending up 3.7% in year, Westpac data says

Westpac’s senior economist, Satish Ranchhod, says spending is "starting to pick up again" after the bank’s data showed a 3.7% annual rise in spending on Westpac-issued credit and debit cards. Westpac's Retail Spending Pulse, released on Friday, showed the upward shift was hel...

Staff reporters 12:45pm