With a 12% shrink, New Zealand's economy falls into recession
Shortpedia
Content Team
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The economy of New Zealand has shrunk 12% due to the economic crisis posed after the outbreak of the novel coronavirus. The country's economy has plunged into recession after witnessing the largest fall on record in its quarterly GDP. Stats NZ spokesman Paul Pascoe said that industries like retail, accommodation and restaurants, and transport saw significant declines in production due to the international travel ban.
