June, 2008

June 2008

Comment

Times are hard. It is likely that when the June quarter economic growth figures come out on 26th September, it will confirm that the economy has been in a technical recession through the first half of 2008. We are halfway there with the news that the economy contracted by 0.3 percent in the March quarter. The Bank of New Zealand has warned that the length of the adjustment process threatens to be longer than the 1998 downturn.