Emerging Asia Economics Update
New Zealand's upswing will likely disappoint
Today’s data show New Zealand left recession behind in Q2 2009, when GDP climbed in q/q terms for the first time since Q4 2007. Sustained recovery should be expected but the upswing will probably be weak. The economy remains too dependent on household spending which is unlikely to boom and the re-balancing towards more export-driven growth still has a long way to go.
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