New Zealand Economy

The title of the article is "New Zealand Economy Sliding into Recession." In this article economists already in a recession. The reasons for this is because of their housing market and the global-market problems. The housing mortgages are increasing at a every fast pace. For instance, interests cost on a two-year mortgage has gone up by more than fourteen percent in the pass year! The reason for this dramatic change in interest is because the Reserve Bank is trying to fight inflation. Unfortunately, the housing mortgages are not the only problem that New Zealand is facing. The food prices and gasoline prices are raising at a very fast pace also. Also, many businesses are closing and many of people are losing their jobs. For example, fourteen finance companies have gone under in the past couple years.
In my opinion, New Zealand needs to do something fast before its too late. The housing market is crashing faster than the United States did. When reading this article, I found it very shocking that the Prime Minister Helen Clark has not done anything to fix the crisis, let alone address that the country is in a recession. New Zealand has to find a way for people to keep their jobs before food prices and other good prices hit the ceiling. The link for this article is