Overall, the New Zealand economy has coped well with challenges presented by the pandemic. The economy is at a crossroads in many arrears – challenged by the continuing impact of Covid-19, high inflation, rising interest rates, a softening housing market and (once borders open) significant migration inflows and outflows. However, GDP forecasts remain strong in 2022, despite long lockdowns. Unemployment is forecast to remain at historic lows (around 3%) for 2022/23.
