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Financial markets deteriorated as a loss in confidence saw global credit markets freeze up.
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The credit crisis is now starting to materially affect the global economic growth outlook.
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The NZ economy will be affected, but a number of buffers will dampen the impact.
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Report Prepared by:
Nick Tuffley
ASB Chief Economist
Phone: +64 9 374 8604
Fax: +64 9 302 0992