{"id":245273,"date":"2023-06-15T19:18:37","date_gmt":"2023-06-15T19:18:37","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245273"},"modified":"2023-06-15T19:21:14","modified_gmt":"2023-06-15T19:21:14","slug":"new-zealand-economy-enters-technical-recession","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/new-zealand-economy-enters-technical-recession\/","title":{"rendered":"New Zealand Economy Enters Technical Recession"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong><\/a> &#8211; The New Zealand economy has entered a slump after the country&#8217;s central bank increased interest rates to an all-time high of 14 years. Official estimates suggest that its GDP decreased by 0.1% in the first three months of the year.<\/p>\n<p style=\"text-align: justify;\">Following a 0.7% drop in the preceding quarter, the economy is now in a &#8220;technical recession.&#8221; Since October 2021, the Reserve Bank of New Zealand (RBNZ) has dramatically increased the cost of borrowing.<\/p>\n<p style=\"text-align: justify;\">New Zealand was among\u00a0the first countries to raise interest rates in the aftermath of the epidemic, outpacing the US Federal Reserve. The RBNZ raised its main interest rate to 5.5% this past month.<\/p>\n<h3 style=\"text-align: left;\"><strong>New Zealand Population Faces Financial Strain<\/strong><\/h3>\n<p style=\"text-align: justify;\">New Zealanders, who were already dealing with rising costs, are now suffering the effects of increased interest rates. This occurs as financing costs and the expenses of other debts increase.<\/p>\n<p style=\"text-align: justify;\">&#8220;Interest rates are crippling,&#8221; said David Jordan, an Auckland-based web developer.<\/p>\n<p style=\"text-align: justify;\">&#8220;I have seen many job losses in my industry as start-ups try to save money,&#8221; he continued. \u201c[T]hough consultancies working with big global firms seem to be faring better.\u201d<\/p>\n<p style=\"text-align: justify;\">Global central banks raised the cost of borrowing. The rise comes as banks strive to contain price increases caused by economies opening up following the Covid restrictions.<\/p>\n<p style=\"text-align: justify;\">Inflation was also pushed up by the increased cost of all goods\u00a0from gas to food as a result of the Ukraine war.<\/p>\n<p style=\"text-align: justify;\">Cyclones Hale and Gabrielle, as well as teacher strikes, damaged New Zealand&#8217;s economy in the first quarter of 2023. A technical recession is described as an economy contracting for three consecutive months, or quarters.<\/p>\n<p style=\"text-align: justify;\">Previously, the RBNZ indicated that it had no intentions for additional rate rises. The contraction\u00a0adds to views that the central bank would not raise interest rates again in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; The New Zealand economy has entered a slump after the country&#8217;s central bank increased interest rates to an all-time high of 14 years. Official estimates suggest that its GDP decreased by 0.1% in the first three months of the year. Following a 0.7% drop in the preceding quarter, the economy is now in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[109,513,637,124,278,7810,11713],"class_list":["post-245273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-coronavirus","tag-covid","tag-covid-19","tag-economy","tag-featured","tag-new-zealand","tag-technical-recession"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Zealand Economy Enters Technical Recession - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - The New Zealand economy has entered a slump after the country&#039;s central bank increased interest rates to an all-time high of 14 years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/new-zealand-economy-enters-technical-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Zealand Economy Enters Technical Recession - 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