New Zealand's economy contracted 0.1% in Q4 2023, entering its second recession in 18 months with a 0.6% annual growth rate in last five quarters.

New Zealand's economy contracted by 0.1% in Q4 2023, marking its second recession in 18 months, with a 0.6% annual growth rate in the last five quarters. Record migration (141k arrivals in 2023) has helped, but economic conditions may lead to budget cuts and government worker reductions. Concerns of stagflation (low growth, high unemployment, high inflation) have arisen.