ANZ preview Q4 GDP for NZ but urge looking beyond this old data to 2020.
- The more pertinent concern right now is how GDP will fare over the coming year, in light of the significant global demand slowdown taking place.
ANZ will issue forecasts next week but warn:
- considerable uncertainty about the impacts the inevitable global slowdown will have on the domestic economy, but risks are rising
- global extent of the COVID-19 outbreak is worryingly worsening
- global growth clearly in jeopardy
- new cases in China are falling sharply, they are increasing rapidly elsewhere
- Stresses in financial markets
- What was initially characterised as a "supply shock" is now predominantly a significant global demand slowdown
- New Zealand exports are being hit hard
- will have flow-on effects to employment and other industries
There is more, but you get the idea. And this is not a NZ phenomena - multiply this for pretty much everywhere on the planet.
