New Zealand faces weaker economic outlook as high inflation, interest rates continue: forecast

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New Zealand faces weaker economic outlook as high inflation, interest rates continue: forecast

STORY: New Zealand faces weaker economic outlook as high inflation, interest rates continue: forecast DATELINE: Sept. 13, 2022 LENGTH: 00:01:16 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of Wellington 2. various of a supermarket 3. various of a gas station STORYLINE: A latest forecast showed expectations of weaker activities across most sectors in New Zealand 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 regional conflict and signs of slowing global growth, according to the forecast by the New Zealand Institute of Economic Research (NZIER) released on Monday. Despite a stronger starting point for household spending, the downward revision through to 2025 reflects the expectation that the dampening effect of higher interest rates on spending will become more apparent as households roll into much higher fixed mortgage rates, the forecast said. The residential inve

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