New Zealand: 2024 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2024 Issue 122

Publication date: May 2024

ISBN: 9798400275227

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Topics covered in this book

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International - Economics , Inflation , Labor , Money and Monetary Policy , monetary and financial statistics , FSAP mission , consultation cycle , FSAP participation , inflation expectation , Inflation , Labor markets , Productivity , Housing , Global

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Summary

The New Zealand economy slowed considerably in 2023, following a period of strong growth, and some previous significant imbalances are finally correcting. Tight monetary policy has put inflation on a meaningful downward path but remains high. Some of the overvaluation in housing prices has also reversed. The external balance is slowly improving, though the current account deficit is still large. An ambitious agenda of broad-based reforms is underway by the new coalition government.