Central Banks
Empty Wellington Shops Send Grim Economic Message to RBNZ Hawks
- Barring pandemic, economy on track for worst year since GFC
- Retailers ‘can’t see the light at the end of the tunnel’
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In downtown Wellington, New Zealand’s capital city, dozens of empty shops speak to an economic gloom that’s pervading the entire country.
Struggling retailers are the most visible sign of a sag in demand that’s hitting multiple industries, from manufacturing to construction and real estate. Barring the pandemic-induced slump in 2020, the economy is heading for its worst year since the Global Financial Crisis 15 years ago, according to local economists.