New Zealand’s Treasury Department said the economy will contract for the sixth consecutive time in the third quarter, shedding 0.2%, with positive growth likely to return in the final three months of 2009. GDP is expected to shrink 0.4% in the three months through June. The Treasury added that consumer spending is likely to “remain soft” as unemployment continues to rise. Indeed, economists forecast the jobless rate will hit 6% this year and average a whopping 7.45% in 2010.
