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The Guardian - AU
The Guardian - AU
World
Tess McClure in Auckland

New Zealand forecasts recession in 2023 as it delivers largest rate hike in history

New Zealand Recession Reserve Bank Inflation Adrian Orr
Two people walk towards the entrance of the Reserve Bank of New Zealand
The Reserve Bank of New Zealand has forecast that the country will tip into recession in 2023 as it announces biggest rate rise in history. Photograph: Rebecca Howard/Reuters

New Zealand’s reserve bank has forecast that the country will tip into recession in 2023, and has lifted the official cash rate by an unprecedented 75 basis points, to 4.25%.

The cash rate hike, announced on Wednesday, is the largest in the central bank’s history, and comes as it attempts to rein in New Zealand’s 7.2% inflation rate.

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