The rebound in net migration has prompted a rethink of economic forecasts by one of our major banks
The rebound in net migration has prompted a rethink of economic forecasts by one of our major banks
16 May 2023
Westpac Chief Economist Kelly Eckhold says they still think growth will slow, but due to the migration turnaround, they think it will trough at a higher level than previously thought.
He says there's also now a clearer view on the impact of Cyclone Gabrielle on growth.
Eckhold says they're expecting a negative GDP figure for the first quarter of this year.
But he says they see that primarily as a short term cyclone effect, rather than indicative of a much broader recession.
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