The Big Squeeze
By Kirsten Boldarin
Q1 GDP data released in June showed that the New Zealand economy has fallen into a technical recession. But technical recession or not, the economy does seem to be faring better than one might expect given the double whammy of high inflation followed by high interest rates.
The expectations that many had in 2022 of a substantial slowdown have not come to pass yet. And anecdotally, the slowdown appears to be missing in action.
Restaurants are bustling and shops busy. The Mint team were down in Wellington recently and observed queues for tables and a bustling CBD.
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