New Zealand central bank paints grim economic outlook
WELLINGTON - New Zealand's central bank painted a bleak economic picture on Tuesday, citing rising unemployment and delayed business investment plans due to financial hardships.
"Rising unemployment is starting to create acute financial difficulties for some households," it said. Over the past two years, the country's economic growth had fluctuated, occasionally dipping into negative territory. The RBNZ said banks are anticipating a slight increase in non-performing loans though still below levels seen in previous recessions.
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