New Zealand’s economy slows again as recession looms

PTVPhilippines

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00:00New Zealand's economy contracted 0.2% in the second quarter, following 0.1% growth

00:06in the previous quarter, pushing the country closer to recession.

00:10High prices, elevated borrowing costs and a housing crisis have hurt consumers, while

00:16dairy products have declined.

00:18Experts suggest the economy is effectively in a recession, having contracted in three

00:22of the last five quarters.

00:25Finance Minister Nicola Willis blamed the Reserve Bank's high interest rates for the

00:30economic struggles, though she remains optimistic about recovery despite predictions of another

00:36contraction in the third quarter.

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