New Zealand’s government says it will hand out an extra few hundred dollars to more than 2 million lower-income adults to help them navigate what it describes as “the peak of the global inflation storm.”
The Associated Press
A report by Treasury painted a rosy picture of the nation’s economy through next year but warned growth would slow markedly from 2024 due to rising interest rates, a reduction in the government’s pandemic spending, and supply issues made worse by Russia’s invasion of Ukraine. “Our economy has come through the COVID-19 shock better than almost anywhere else in the world,” said Prime Minister Jacinda Ardern in a statement. “But as the pandemic subsides, other challenges both long-term and more immediate have come to the fore.”
Treasury predicted the government’s books would return to the black by 2025 after it borrowed heavily during the pandemic. New Zealand’s net government debt is forecast to remain much lower than in most developed nations, peaking at 20% of GDP in 2024 before dropping to 15% two years later.
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