Business
Once an outperformer, New Zealand faces double-dip recession – Aljazeera.com
Measures that helped New Zealand weather COVID, including closing its borders to tourism, are now hurting its economy.
New Zealand, a star performer in the battle against Covid-19, is facing the prospect of a double-dip recession as the impact of its closed border on the vital tourism industry hits home.
The economy contracted 1.0% in the final three months of 2020, data showed Thursday in Wellington, and some economists are tipping it will shrink further in the current quarter. The wobble follows a V-shaped recovery from a first-half slump as the nation successfully eliminated community transmission of the virus.
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