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New Zealand's Economic Contraction Raises Recession Fears
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New Zealand's economy unexpectedly contracted by 0.3% in the third quarter, raising concerns about recession. Household spending fell by 0.6%, contributing to the contraction. The Reserve Bank of New Zealand kept the official cash rate at 5.5% but surprised economists with a hawkish tone, raising questions about potential rate hikes. The economic slowdown, coupled with lower inflation estimates, is causing concerns.
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How might the unexpected contraction impact New Zealand's economic growth and international trade?
What are the broader implications of New Zealand's economic contraction for global economic stability?
What measures could the Reserve Bank of New Zealand take to address the economic slowdown and potential rate hikes?
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