New Zealand’s central bank has warned the country faces a recession in 2023 as it lifted the pace of its interest rate increase cycle with an unprecedented 0.75 percentage point move on Wednesday.
Governor Adrian Orr signalled more rate increases ahead and cautioned the economy will contract for four straight quarters during a “shallow recession” from the middle of an election year in 2023.
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Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
