WELLINGTON : New Zealand's central bank is expected this week to become the first in Asia-Pacific to raise interest rates since the pandemic began, amid concerns crisis-era stimulus is overheating the economy.
"The New Zealand economy has moved on rapidly from impressive resilience to outright frothiness," said ANZ Chief Economist Sharon Zollner. "It is clear that the New Zealand economy no longer requires the extreme monetary stimulus a 0.25per cent OCR provides. Signs of overheating are evident across the board, and the risks of a boom-bust cycle are high and rising," Zollner said.
New Zealand will be the first economy in the Asia-Pacific and the first of the G10 currency nations to hike rates in the pandemic era of monetary policy, in which many major central banks slashed rates to record lows and flooded their markets with stimulus.
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