Pacesetter New Zealand’s Recession May Be Harbinger for World
- Gross domestic product declines for a second straight quarter
- Recession confirmation comes four months ahead of an election
This article is for subscribers only.
New Zealand led the world in raising interest rates to combat the post-pandemic inflation wave. Now it’s officially in recession in a possible harbinger of what lies ahead for others.
Gross domestic product fell 0.1% from the fourth quarter, when it dropped a revised 0.7%, Statistics New Zealand said Thursday in Wellington. Those two quarterly contractions meet the local definition of recession.