New Zealand in recession
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NZ in recession GDP fell 0.2% in June qtr After 0.3% in the Q1 First recession in 10 years Then Asian crisis, drought Now Credit crunch, drought Panel 2 Housing, exports drag Govt, infrastructure boost What happens now? Most see Sept qtr fall But rebound in Dec qtr Oct 1 tax cuts High dairy payout Better confidence Panel 3 But Im more pessimistic Credit crunch severe Credit rationing Housing sector slump Kensington Park, Whisper Cove Panel 4 Global housing deleveraging More saving. Less spending Dairy prices dropping fast I see recession into 2009 Structural problems Falling productivity Growth restrained While debts high Leaking our best people
Comments
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You have that low of an Unemployment rate? I will not comment on what will happen with your economy during this upcoming dark October, but I know here in the Western World we are going to get hit really hard. I hope you guys pull through it and you don't fall in a depression. USA is weeks away from one!
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I'd like someone to explain why productivity in NZ is falling and what can be done about it.
5m 22sLenght
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