There is no formal definition for a recession, but it is most commonly defined as two quarters of negative growth. “Technical recession or not, there is absolutely no doubting that economic conditions are tough for many,” he said. Much of the economic growth has been driven by an increase in population. This helps to explain why it feels like a recession to individuals in the real economy, even though the overall figures are growing. New Zealand’s economy grew a whopping 6% in the 2021 calendar year, and will subsequently grow very slowly in 2023 and 2024, before normalizing in 2025.

Source: New Zealand Herald September 21, 2023 02:10 UTC