ANZ predicts a second recession

The Herald reports:

ANZ economists have warned that inflation is not yet beaten and restated their case for one more Official Cash Rate (OCR) rise in their latest quarterly outlook.

They also warn that New Zealand is still on track for a more serious recession in early 2024 as monetary policy starts to do its job and slow the economy.

In a report, headlined Waiting on the last domino, ANZ chief economist Sharon Zollner argues the Reserve Bank (RBNZ) will need to lift the OCR to 5.75 per cent at its November review.

That’s depressing. ANZ is forecasting we will have a second deeper recession in 2024, and interest rates will be increased after the election.