this post was submitted on 21 Mar 2024
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New Zealand economy shrinks, country in technical recession (www.newshub.co.nz)
submitted 7 months ago by BalpeenHammer@lemmy.nz to c/newzealand@lemmy.nz
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Anybody who thinks the best way out of a recession is austerity measures needs to have their heads examined.

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[–] elgordio@kbin.social 6 points 7 months ago

Interestingly when austerity was being pushed in the early 2010’s one driver was the claim that having more than 90% debt / gdp ratio would cause a country to go into recession.

Turns out though the report this claim was based on had an Excel error in its formula which when corrected would have shown an ~2% growth. Amazing how such a small error can have a such huge implications.

Hannah Fry had an episode about it on the BBC. https://www.bbc.co.uk/sounds/play/m001r1s4