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New Zealand enters recession after GDP contracts 12% in Q2
short by Shailesh / on Thursday, 17 September, 2020
New Zealand has entered a recession after its GDP contracted by 12.2% in the second quarter, the highest decline on record, due to a coronavirus lockdown, according to the official data. It is the country's first recession since 2010. However, economists estimate the country's economy to recover in the third quarter as the coronavirus outbreak is brought under control.