Weekly Digest – 6 September 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

IMF report concludes New Zealand economy faces year or more of tepid growth

The economy faces a year or more of tepid growth but could find itself in a deeper recession for longer if inflation is not brought under control or government spending blows out, according to the International Monetary Fund (IMF).

Meta, Google face digital tax in New Zealand beginning in 2025

New Zealand will introduce legislation this week that enables a digital services tax on large multinational companies, though the levy won’t be imposed until 2025.

WAF makes unsolicited offer for up to 1.65m shares in Allied Farmers

Private New Zealand-based investment firm WAF has made an unsolicited offer for up to 1.65 million shares in Allied Farmers. If successful, it would take WAF’s stake in Allied from 14.25 percent to a threshold of 19.99 percent.

NZ’s rural economy faces hammering from China downturn

Aotearoa’s rural economy is in for a shock if China’s economic downturn continues and it isn’t yet clear how bad things could get for the emerging superpower, a leading market analyst says.

Employee absence hits record-high in Kiwi businesses

BusinessNZ and Southern Cross Health Insurance have unveiled the findings of their biennial Workplace Wellness Report and the data reveals that if you’ve observed a higher rate of absence in your workforce, you’re not imagining it.

NZ business passage to India won’t bring home on FTA

A large New Zealand trade delegation is in India this week – but don’t expect any major trade deals. The 50-strong delegation want to deepen ties with the Indian business community rather than seeking trade deals.

Growth outlook for NZ from International Monetary Fund

The International Monetary Fund is predicting that New Zealand’s economic growth rate in 2024 will be the lowest in the Asia Pacific region and amongst the lowest in the world next year.

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