New Zealand forecasts recession as rates rise

An article from Insurance Business Mag.

New Zealand faces a recession next year amid a global economic slowdown and as the central bank raises interest rates to curb inflation, the government said.

Gross domestic product will contract for three quarters starting from the second, the Treasury Department said in its Half-Year Economic and Fiscal Update published Wednesday in Wellington. Overall, the economy will shrink 0.8% in calendar 2023, it said.

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