There is no recession in New Zealand

(Image: Deposit Photos)

Thu, 18 May 2023

New Zealand’s economy will narrowly avoid recession as the combination of a fiscal boost, faster recovery in foreign visitors and the immediate clean-up after the North Island storms stokes activity. The Treasury had been predicting a shallow recession through 2023 as rising interest rates started to bite, but it upgraded its forecast in the budget economic and fiscal update due in part to the government’s more expansionary spending programme providing a 1.7% boost to gross domestic product, having previously been seen as a 0.8...

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