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High interest rates sees forecasted GDP growth slow

Author
Newstalk ZB,
Publish Date
Tue, 18 Jun 2024, 7:44am
 Photo / Getty
Photo / Getty

High interest rates sees forecasted GDP growth slow

Author
Newstalk ZB,
Publish Date
Tue, 18 Jun 2024, 7:44am

The economy could be slowing down more than expected. 

NZIER is revising down its forecasts for annual average GDP growth to 0.2% in the year to March this year and 0.6% in the year to March next year. 

It says high interest rates are continuing to dampen demand. 

But Principal Economist Christina Leung told Mike Hosking that strong migration growth should ensure the economy starts growing again. 

She says migration is expected to support demand across a range of areas, particularly when it comes to construction. 

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