The path to avoiding a hard economic landing continues to look tricky.

Business confidence has plummeted back to March 2020 levels in NZIER's latest survey, with 62 percent of businesses expecting economic conditions to deteriorate.

ASB is warning of the possibility of stagflation.

JMI Wealth Director Andrew Kelleher told Mike Hosking nothing in this survey suggests it's getting any easier.

He says all in all, you're getting a picture of faltering expectations of activity, high inflation expectations and a really tight labour market.

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