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MNI INTERVIEW: Slowing Growth Could Limit RBNZ Rate Hikes

MNI (Sydney)
SYDNEY (MNI)

A member of a 'shadow board' that monitors the Reserve Bank of New Zealand says rates may not rise to forecast levels.

A member of a “shadow board’ of the Reserve Bank of New Zealand believes the outlook for the NZ economy is “darkening” and that the central bank may not raise official interest rates to the forecast high of 3.9% by 2024.

Jarrod Kerr, the chief economist of publicly owned Kiwi Bank and a member of the shadow RBNZ board created by economic think tank the NZ Institute of Economic Research, was speaking after lower than expected GDP data for the first quarter of 2022 showed the NZ economy had contracted by 0.2% after 3.0% growth in the last quarter of 2021.

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A member of a “shadow board’ of the Reserve Bank of New Zealand believes the outlook for the NZ economy is “darkening” and that the central bank may not raise official interest rates to the forecast high of 3.9% by 2024.

Jarrod Kerr, the chief economist of publicly owned Kiwi Bank and a member of the shadow RBNZ board created by economic think tank the NZ Institute of Economic Research, was speaking after lower than expected GDP data for the first quarter of 2022 showed the NZ economy had contracted by 0.2% after 3.0% growth in the last quarter of 2021.

Keep reading...Show less