New Zealand well-placed to weather tough 2023 – finance minister

SYDNEY, Nov 23 (Reuters) – New Zealand Finance Minister Grant Robertson stated the world economic system confronted a “yr of reckoning” in 2023 however the small island nation is well-placed to fend off hassle amongst buying and selling companions given its sturdy progress and a secure monetary system.

Fronting a parliamentary committee on Wednesday, Robertson highlighted New Zealand’s robust economic system.

“These accounts and financial figures are usually not ends in themselves, they’re a way to an finish,” stated Robertson.

“And a type of ends consists of New Zealand’s capability to face as much as the worldwide recession which is on our doorstep.”

Minutes after Robertson spoke, the Reserve Financial institution of New Zealand struck a hawkish be aware, elevating charges by 75 foundation factors, citing continued broad-based inflationary stress.

Up to date RBNZ forecasts present the New Zealand economic system falling into recession in September 2023.

“International locations will both be in recession or really feel like they’re. That is the yr of reckoning,” stated Roberson in reference to 2023.

Reporting by Lewis Jackson; Enhancing by Tom Hogue and Edmund Klamann

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