New Zealand Institute of Economic Research's (NZIER) latest report on consensus forecasts. Full text here.
For the Kiwi dollar:
Their broader summary of the New Zealand economy, saying the latest NZIER consensus forecast:
- Another downward revision to growth forecasts for next year appears
- Average annual GDP growth forecasts for the years ending March 2024 and March 2025 were revised down to 0.2% and 0.6%, respectively.
- The revisions point to further weakness in growth forecasts for next year, given that New Zealand's GDP has already fallen for two quarters in a row. The dampening effects of higher interest rates on demand are expected to continue to slow the New Zealand economy. In the long term, population growth resulting from migration is expected to support a recovery in demand.
This article was written by Eamonn Sheridan at www.forexlive.com.
