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13 Aug 2022 5:17
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  •   Home > News > Business

    A warning of tough times ahead for our economy

    A warning of tough times ahead for our economy


    Business confidence is back down to March 2020 levels, with 62 percent of businesses expecting economic conditions to deteriorate

    ASB Senior Economist Mark Smith says we could start to see stagflation-like conditions.

    That means falling economic activity, rising inflation and increasing unemployment.

    Smith says the Reserve Bank will probably react by increasing the official cash rate.

    He says we will probably see a 50 basis point hike next week, and he thinks it will peak at 3.5 percent by the end of the year.

    © 2022 Newstalk ZB, NZCity

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     Today's News

    Christchurch:
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    Law and Order:
    There'll be an increased Police prescence in Auckland's Clendon Park today after unidentified human remains were discovered on Thursday 4:29

    Environment:
    The Department of Conservation will be checking Rocky Bay at Waiheke island for stranded dolphins again 4:29

    International:
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    Cricket:
    Devon Conway's encouraged by the Black Caps balance to their top order as they fine tune preparations for the Twenty20 World Cup 18:39

    Law and Order:
    Former police sergeant sentenced to more than seven years' prison for role in storming US Capitol 18:09

    Rugby League:
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    Basketball:
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    Law and Order:
    Australian academic Sean Turnell detained in Myanmar pleads not guilty in closed court 17:09

    Rugby League:
    Raymond Faitala-Mariner is looking forward to facing up to his old team tonight 16:49


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