Reported 8 months ago
In downtown Wellington, New Zealand's capital city, numerous empty shops signify an economic gloom impacting various industries. Despite exiting recession with minimal growth in the first quarter, the economy is forecasted to shrink again due to low consumer and business confidence. Annual growth is projected to be just 0.2%, the weakest since 2009 excluding the Covid-19 pandemic, leading to discussions about potential rate cuts by the Reserve Bank of New Zealand. The economic challenges are reflected in declining retail profits, subdued consumer demand, and rising unemployment rates, highlighting the ongoing economic struggle in the country.
Source: YAHOO