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Recession in New Zealand: The condition of New Zealand is getting worse. The economy here has once again fallen into economic recession in the third quarter of the year. Due to this, the level of currency in the country has also fallen and a period of political criticism has also started. While the opposition is becoming dominant on the issue of recession, the conservative coalition government formed by New Zealand First Party, ACT Party and New Zealand National Party has defended itself saying that it has respect for taxpayers’ money.
New Zealand’s GDP also declined
New Zealand has been going through an economic recession for the last several months. Due to this, consumer spending on daily-use goods and services has decreased as people are trying to reduce their budget. Borrowing costs have increased and New Zealand is also facing a housing crisis.
A recent data has shown that due to all this, the country’s GDP (Gross Domestic Product) has declined by 1.0 percent more than expected compared to the last three months i.e. July-September. While analysts had predicted a decline of 0.2 percent.
Hope for some relief soon
The data also showed that leaving aside the economic decline during the Corona epidemic (Covid-19), New Zealand’s economy has been facing an economic recession for a long period of six months since 1991. Most of the industries in the country have been hit by this recession.
During this, Kiwibank said that in the coming time, some relief is expected with the possibility of one percent cut in the interest rate. The government here has said in a statement that this amount will be used for economic development with the aim of increasing the respect for the taxes paid by the people.
Meanwhile, Finance Minister Nicola Willis has expressed hope that the economy here will accelerate in the next quarter and the year 2025 will start with stronger growth.
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