New Zealand slips into recession, currency drops
Image Credit: business today
As per the government data published on Thursday, New Zealand reported a 0.1% drop in gross domestic product (GDP) in the first quarter, as its central bank decided to embark on one of the most aggressive rate hike cycles in the world. The data from Wellington marks a technical recession for the economy after reporting a revised 0.7% fall in the 2022 final quarter.