What’s at stake: New Zealand grapples with a technical double-dip recession, underscoring the urgency for effective economic recovery strategies.
Background: A swift escalation in interest rates has precipitated significant economic challenges, leading to back-to-back quarterly GDP contractions.
Key players: Jarrod Kerr, Alan McDonald, Stats NZ, Reserve Bank of New Zealand.
New Zealand’s economy contracted by 0.1% in the December 2023 quarter, marking a continuation of the downturn seen in the September 2023 quarter, which saw a 0.3% decrease.
This back-to-back decline meant New Zealand was in a technical double-dip recession, attributed predominately to rapid
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