New Zealand’s economy—which is emerging from what Treasury admits is a “protracted recession”—is set to outperform Australia’s, according to the latest Westpac forecast.
The banks’ senior economist, Satish Ranchhod, has released new research comparing the two trans-Tasman economies and says Australia will be outperformed by its neighbour in the next few years.
He is forecasting GDP growth in New Zealand will reach 2.4 percent by the end of this year and 3.1 percent next year, spurred by Reserve Bank of New Zealand cuts to the official cash rate.
The central bank has cut rates faster than Australia’s, with a 225 basis point reduction to date from a peak of 5.5 percent in May 2023….
New Zealand’s Economic Growth Forecast to Outstrip Australia’s
