NZIER Consensus Forecasts show a weaker economic outlook as high inflation and interest rates continue

The latest NZIER Consensus Forecasts show a downward revision to the near-term outlook for the New Zealand economy and the subsequent years to 2025. These revisions reflect expectations of weaker activities across most sectors in 2023 and higher inflation and interest rates. Added to this are the continued global supply chain disruptions due to ongoing uncertainty about the COVID-19 pandemic, the Ukraine-Russia conflict and signs of slowing global growth.