Economy considered recession if two successive quarters have negative growth Drought, weak domestic demand saw economy contract 0.3 percent in first quarter Treasury has cut its economic growth forecast for year to March 2009 to 1 percent Key indicator of business sentiment points to two more quarters of economic decline WELLINGTON, New Zealand (AP) -- New Zealand's Treasury department joined economists Tuesday in warning that the country's economy may have slipped into recession, after recording negative growth in the three months ended March 31. "It is possible that the economy has experienced a technical recession in the first half of 2008," the department said in its June monthly report. In New Zealand, the economy is officially considered to be in recession if two successive quarters of negative growth are recorded. "The...
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