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New Zealand second developed country to slip into recession after Denmark: economists

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Wasayo Subscriber

Astrologer & Psychic
User ID: 6116
8/5/2008 10:32 AM

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New Zealand second developed country to slip into recession after Denmark: economists

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New Zealand to slip into recession: economists

NZ's economy shrank 0.3 per cent over the three months to March. (www.sxc.hu: Jeremy Bank)

New Zealand is likely to become the second developed country to slide into recession this year.

The country's treasury said in a report that it believed the economy had shrunk for the second successive quarter, a sequence that would meet the most common definition of a recession.

"Our view is that the economy contracted for the second consecutive quarter in June," the treasury said.

The economy shrank 0.3 per cent over the three months to March. Official growth figures for the second quarter are due next month.

Economic growth in the 2008 calendar year was expected to fall below previous forecasts, coming in at between 0.5 and 0.75 per cent, the treasury report said.

Westpac Bank also forecast a bleak short-term future for the economy.

It said New Zealand was likely to be the second country in the Organisation for Economic Cooperation and Development (OECD) to slip into recession this year after Denmark.

"The reason we experienced recession earlier than other countries is the drought, which we estimate knocked one percent off GDP in the first half of the year, hurting farmer production, a major contributor to the economy," research economist Dominick Stephens said.

"It also reduced hydro-electricity generation, causing some manufacturers to curtail production," he said.

Mr Stephens said consumers were also tightening their belts as the global credit crunch forced up interest rates and higher petrol prices strained budgets.

"We think the consumer is out for the count for the foreseeable future." he said.

"We have been spending more than we earn on the back of rising housing prices - it was always going to come crashing down,"

Finance Minister Michael Cullen played down the treasury report.

"The tax cuts coming on October 1 will feed some demand back into the economy, the drought's over, so expansion should pick up," he said, adding that a fall in the New Zealand dollar would help the export sector.

The last time New Zealand faced successive quarters of negative growth was more than 10 years ago, between September 1997 and March 1998.

Official figures released last month showed that Denmark had become the first European Union country to fall into recession in the aftermath of the US subprime mortgage crisis.

[link to www.abc.net.au]

"Wealth or poverty depends on the absence or presence of desires, respectively. He who has no desires is rich. He who does not desire anything is sovereign." Maharaj Sawan Singh Ji

Lord Pusnut
User ID: 479266
8/6/2008 2:40 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists	Quote
Things are getting back to normal now. Bugger the figures-economy just isn't growing like the boom we have experienced over the last few years.

Anonymous Coward
User ID: 172131
8/6/2008 3:23 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists	Quote
Things are getting back to normal now. Bugger the figures-economy just isn't growing like the boom we have experienced over the last few years. Quoting: Lord Pusnut Come on pusnut, our wages are half what they get in australia and the gap is only getting bigger, we are so fucked its unbelievable

Anonymous Coward
User ID: 479752
8/6/2008 3:53 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists

Quote

Thousands of New Zealand investors screwed for billions of dollars by unscrupulous property investment schemes. Most investors have no chance of getting their money back

The basic problem is that these companies have been investing in property that simply hasn't been able to deliver the returns that are needed to provide the funds to investors who have put their money in, THE COMPANIES KNOW THEY WONT BE ABLE TO PROVIDE A RETURN, THIS IS A SCAM

Failed schemes lure investors with the promise of fixed interest payments.

Many of the investors are elderly retirees.

Heads of these companies pocket investors money and are let off by judges in freemason brotherhood conspiracy

New zealand is amazingly corrupt

Anonymous Coward
User ID: 142860
8/6/2008 4:38 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists	Quote
New zealand is amazingly corrupt

Anonymous Coward
User ID: 247861
8/6/2008 5:05 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists

Quote

Hi there, I live in NZ and yes basically the recession has been brought about because of the petrol prices, they were going up and up every week for ages. People arnt consuming they are staying away from the shops, retail is being strangled as people stay home hold their money tight (whats left of it). Hell I dont have any dependants and earn an ok wage and even I cant save any money (the wages here do suck)

Anonymous Coward
User ID: 479769
8/6/2008 5:53 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists	Quote
I too am a Kiwi and would sooner be poor here than rich in 'merka'. This is a clean green machine, and you lot can stay chasing your dreams of being rich (yet sad) somewhere else. Ok, Bye

Anonymous Coward
User ID: 479266
8/7/2008 1:13 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists

Quote

Things are getting back to normal now. Bugger the figures-economy just isn't growing like the boom we have experienced over the last few years.

Come on pusnut, our wages are half what they get in australia and the gap is only getting bigger, we are so fucked its unbelievable

Quoting: Anonymous Coward 172131

They have always been fucken higher, just about everywhere has higher wages than us, And you are right, we are fucked, mis-management not recession.

tosspot
User ID: 482872
8/11/2008 10:07 AM

Re: New Zealand second developed country to slip into recession after Denmark: economists	Quote
oz will soon get a new east island at a reasonable price ;)

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