Covid Shadow Hovers Over Shrinking New Zealand Economy
News 18The New Zealand economy shrank in the first quarter, performing worse than the central bank and economists had forecast as the country suffered a surge in Covid-19 infections. The New Zealand central bank, in its May monetary policy statement, predicted a modest rise while most economists had forecast a flat result. The slump in economic activity came in a quarter marked by the arrival of the omicron variant of Covid-19 in the community, Stats NZ, New Zealand’s official data agency, said in a statement. Finance Minister Grant Robertson said the decline reflected a “volatile global situation”, adding that the relaxing of border restrictions and influx of skilled workers and tourists “will help business and the economy rebuild.” However, the opposition ACT Party said New Zealand was “halfway down the road to recession”, which is defined technically as two consecutive quarters of falling GDP.
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