New Zealand Can Avoid Recession as Rates Climb, Robertson Says

From bnnbloomberg.ca

New Zealand can avoid a recession during the central bank’s rapid policy tightening to slow inflation as its economy remains resilient, Deputy Prime Minister Grant Robertson said. “It’s going to be a challenging year, no doubt, with the global slowdown,” he told Bloomberg Television on Thursday, responding to a question on the likelihood of a slump. “The Reserve Bank’s got to do a job,” he said, adding that “we can keep a balance going through to next year and avoid that.” The RBNZ on Wednesday raised interest rates by a half-percentage point for a fifth consecutive meeting and signaled more to come ... (full story)