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Kwee Bank: The New Zealand economy is in the abyss
Even the surge in the number of immigrants entering New Zealand after the epidemic has failed to save its economy, which contracted by 0.3% in the third quarter. Revisions to the technical recessions of Q4 2022 and Q1 2023 are now back in the data. Jarrod Kerr, chief economist at Kwee Bank, said New Zealand’s economic situation was much weaker than initially thought. On a per capita basis, the country’s economy shrank sharply by 0.9% in the third quarter and by 3% for the year, with a double-dip recession expected in New Zealand.