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New Zealand plunges into recessionary spiral

macrobusiness.com.au

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Re: New Zealand plunges into recessionary spiral

#3

Post by jamesvnz »

That's a rather sensationalist headline. Written by an Australian looking at graphs, rather than having a feel for what's going on.

I'm sure he's a capable economist, but based on what I see, New Zealand is not "plunging". There's definitely a slow down - but I think most businesses are expecting a relatively soft landing.

I guess time will tell.

Re: New Zealand plunges into recessionary spiral

#4

Post by lostlogin »

Waterluvian wrote: post #2

I'm sensing this tremendous tension and anxiety in Canada too. Hopefully our energy sector will buoy things a bit so they don't get too terrible.

Is the energy sector mining, drilling, oil and gas? If that's the way out of financial strife, that's depressing.

Re: New Zealand plunges into recessionary spiral

#6

Post by Waterluvian »

lostlogin wrote: post #4
Waterluvian wrote: post #2

I'm sensing this tremendous tension and anxiety in Canada too. Hopefully our energy sector will buoy things a bit so they don't get too terrible.

Is the energy sector mining, drilling, oil and gas? If that's the way out of financial strife, that's depressing.

All of that and more. I just mean, a buoy that rises with rising energy prices to lessen the blow of an energy crisis.

Indeed, it's pretty !@#$ing awful that that's the condition.

Re: New Zealand plunges into recessionary spiral

#7

Post by hn_throwaway_99 »

One clarification if you're not familiar with New Zealand banking. The article states:

> Last week, Bank of New Zealand warned that “things could well and truly turn to custard” as the global economy is plunged into recession.

I read that and thought "Holy hell, central bankers in the US are usually extremely measured in their comments, they would never say something like 'things could well and truly turn to custard'". I misunderstood, thinking that "Bank of New Zealand" is their central bank. It's just another big bank, not "The Reserve Bank of New Zealand", which is their actual central bank.

Re: New Zealand plunges into recessionary spiral

#8

Post by flog »

jamesvnz wrote: post #3

That's a rather sensationalist headline. Written by an Australian looking at graphs, rather than having a feel for what's going on. I'm sure he's a capable economist, but based on what I see, New Zealand is not "plunging". There's definitely a slow down - but I think most businesses are expecting a relatively soft landing. I guess time will tell.

Judging by my inability to get into any store at Westgate last weekend due to the crowds, I think we're still a while off "plunging". /anacdata

Re: New Zealand plunges into recessionary spiral

#9

Post by lostlogin »

jamesvnz wrote: post #3

That's a rather sensationalist headline. Written by an Australian looking at graphs, rather than having a feel for what's going on. I'm sure he's a capable economist, but based on what I see, New Zealand is not "plunging". There's definitely a slow down - but I think most businesses are expecting a relatively soft landing. I guess time will tell.

If you skim headlines it's much as you say. Interest rates rising (but still around historic averages), falling house prices and high inflation.

https://www.rnz.co.nz/topics/business-economy

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