New Zealand is likely facing a 'shallow' recession as interest rates need to rise further to tame inflation, a top central banker said on Monday, suggesting that a pause in the policy tightening streak was still a distant prospect.
A New Zealand Dollar note is seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo
Markets are leaning toward another hike of 75 basis points in February, and have fully priced in a peak of 5.5% by July next year. "It does not compare to the likes of the slowdown that we saw in the GFC or even in the 1991 recession," Silk added. Tourism has also been surprisingly strong in recent months and was expected to continue over New Zealand's summer.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The best Apple iPhone deals this Cyber Monday from Amazon, moreTreat yourself to a new phone this Cyber Monday.
Read more »
Thor: Love and Thunder Concept Art Reveals Very Different Look for One CharacterMarvel Studios' design department just gave fans a new look at Thor: Love and Thunder's new [...]
Read more »
You dirty rats! Researchers find COVID-19 in NYC sewer rodentsNew Yorkers may have a new reason to loathe rats.
Read more »
The Museum of Broadway reveals the show behind the showAfter years of work, The Museum of Broadway has finally opened in New York City. It traces the history of theater in the city, from minstrelsy and vaudeville up to the present day, with plenty of artifacts.
Read more »
VW's New CEO Admits Its New Infotainment Is Bad, Vows To Fix It ASAP | CarscoopsThomas Schäfer promises software updates in the coming weeks and hardware improvements by 2024
Read more »