Stormy times ahead?

Economists are predicting unemployment to double to between 6 and 7 per cent if the international credit crunch turns critical here.

ANZ chief economist Cameron Bagrie predicts that, at best, the unemployment level will increase from 3.4 to 5 per cent as tightening credit conditions hamper economic growth.

If the credit crunch grips New Zealand, “The economy will tip into recession, it’ll be a deep one, and the unemployment rate will move up very aggressively”.

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