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The global economy is now in the midst of an unprecedented synchronised slowdown. New Zealand will experience a recession this year, and it could be deep, according to analysts at ANZ Research.

Key quotes

“GDP grew 0.5% q/q in Q4 2019, a little stronger than we expected but in line with market. Per capita GDP growth was modest (0.1%).”

“Annual growth slowed form 2.3% y/y to 1.8%.”

“We are now at the beginning of a significant economic downturn. Our best guess is that GDP will fall 3-4% this year, though the outlook is highly uncertain.”