22 Mar 2024

More pain before economy picks up says economist

From Morning Report, 7:46 am on 22 March 2024

A leading economist is predicting more pain before New Zealand's ailing economy bucks up next year.

Data released on Thursday by Stats NZ showed that the economy has fallen back into recession, driven by weak consumer spending and wholesale trade.

Gross domestic product - the broad measure of economic growth - fell 0.1 percent in the three months ended December.

Shamubeel Eaquab says the decline began in September 2022 and won't be over until 2025.

Eaquab spoke to Corin Dann.