New Zealand can avoid recession, says Deputy PM

New Zealand can avoid a recession due to the central bank s tighter policy tightening of its policy to slow inflation as the economy remains resilient, Deputy Prime Minister Grant Robertson said.

He told Bloomberg Television on Thursday that it was going to be a challenging year, because of the global slowdown, because of a question on the likelihood of a slump. He said that the Reserve Bank had to do a job, so he said we can keep a balance going through next year and avoid that. The RBNZ raised interest rates by a half-percentage point for a fifth consecutive meeting and signaled more to come as it tried to rein in inflation that reached a 32 year high in the second quarter. New Zealand reported its annual budget deficit was less than forecast earlier in the day, as the economy performed better than expected.

Robertson said when asked about the prospects of returning the budget to surplus sooner than its 2024 -- 25 projections, he didn't expect that because of the slowdown in the world economy.

He said it was not possible to do that any quicker given the global conditions at the moment. We are still targeting that 2024 -- 25 year. Robertson, who is also the nation's finance minister, said the economy is No. As is the case in a number of developed nations, labor shortages are one of the main issues. He pushed back against suggestions that conditions may worsen as kiwis head abroad in pursuit of higher wages.

Robertson said New Zealand is still a very attractive place to visit and live in. It is a great place to come and live. Facebook is not the only game in town for digital political ads.