New Zealand Treasury Secy Says Worst Not Over For Econ-Report

ew Zealand Treasury Secy Says Worst Not Over For Econ-Report WELLINGTON (Dow Jones)--Treasury Secretary John Whitehead said Tuesday that New Zealand's economy is faring worse than predicted, according to a newspaper report. Treasury had previously said the economy was tracking in line with the "downside scenario" of its December update, and Whitehead now sees an even bleaker future and a likely fifth consecutive quarter of negative growth in the three months to March, The Dominion Post reported. Whitehead said there was a strong sense that troubled times would continue for a while yet, and that "the worst is not over." In its latest update, the Treasury said it had downgraded its forecasts because of a sharp fall in trading partner growth. Whitehead made the comments while he and Reserve Bank of New Zealand Governor Alan Bollard were traveling abroad to drum up support for New Zealand as an investment destination.