New Zealand: First developed nation to fall into a recession following the Sub-Prime crisis
Congratulations New Zealand – once again, leading the world in terms of an economic downturn. The 0.2% fall in production GDP in June puts us in a technical recession!
Given how trade exposed we are I would assume that we would lag the rest of the world – but mother nature came in, provided us with a drought, and dragged us into recession.
More details on GDP to come, maybe 🙂
weeeeeeeeeeeeeeeeeee
Number wasn’t even as bad as I would have expected – in fact it was an improvement on the -0.3 to -0.8 range I’d put down in the preview.
As a Gen Y-er, i’m almost disappointed with how boring this recession has been! No car, no kids, no house probably helps 😀
I think Ireland may have beaten us to it?
http://news.bbc.co.uk/2/hi/business/7635426.stm
That was posted at 2am Friday NZ time.
Shouldn’t we be aiming to work less?
We already have the statistics for the future: the growth percentages of pollution, overpopulation, desertification. The future is already in place.G%FCntherGrassG?nther Grass, Winner of the Nobel Prize for Literature, 1999
The lonely one offers his hand too quickly to whomever he encounters.FriedrichWilhelmNietzscheFriedrich Wilhelm Nietzsche
“I think Ireland may have beaten us to it?
http://news.bbc.co.uk/2/hi/business/7635426.stm
That was posted at 2am Friday NZ time.”
Same quarter though – I think we can call it a tie 🙂
“Shouldn’t we be aiming to work less?”
Shouldn’t that be a person’s choice. Why should we explicitly aim for “working less” when we know people value both leisure and income. We should let people make the choice regarding what they want to do.