Even the RBNZ's best case isn't pretty

Thu, 14 May 2020

New Zealand’s central bank says the economy could shrink by more than 8 percent in the year to March 2021 and deflation is on the cards for that quarter. And that’s pretty much the best case as the economy grapples to recover from the fallout from covid-19 and measures to stop its spread. Yesterday’s monetary policy statement from the Reserve Bank outlined three scenarios: a baseline and two possible downside scenarios. All are dire and point to a “significant and unprecedented decline in economic activity and employment,” the central...

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