ASB expects the economy to behave like a skipping stone

ASB’s commodities index is down about 20% since last October. (Image: ASB)

Tue, 22 Aug 2023

“It would be best to think of the outlook as a skipping stone, potentially oscillating between shallow increases and decreases,” ASB wrote in its latest economic forecast.The bank expects New Zealand’s economy to be roughly flat through to early 2024.While monetary policy is “taking its toll” on activity, domestic demand appears to have softened on most fronts.Also, China’s economic rebound after its 2022 covid-19 lockdowns was turning out to be underwhelming, which had been holding down prices of key export...

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