New Zealand’s government on Wednesday forecast the country would enter a recession in 2023, even as the budget remained on target to move into surplus for the 2024/25 financial year.
Spending constraints and the forecast recession will add to challenges facing Prime Minister Jacinda Ardern’s Labour party as it approaches a general election next year.
“2023 is a challenging year for many New Zealand households,” Finance Minister Grant Robertson told a press conference after issuing the regular mid-financial-year update.Ministries would be told to find money within existing budgets for new initiatives next year, Robertson said. Robertson said a careful approach to the budget was needed if the country wanted to get inflation down.
It forecast that net debt under an old method of calculation would peak at 41.8% of GDP in 2023/24, compared with the May forecast for a peak in 2023/24 at 41.2% of GDP.
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