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How much blame for the GDP drop can be placed at the feet of the Reserve Bank?
GDP's fallen 0.9 percent in the June quarter – a much sharper drop than economists had been expecting.
NZ Initiative Chief Economist Eric Crampton told Kerre Woodham what we’re feeling is an effect of getting inflation back in line, but he wouldn’t necessarily blame the Reserve Bank for the drop.
He says it’s one big job is keeping inflation in the 1-3% band, and it largely forgot what it’s job was in 2020 and 2021, and went overboard with the spending.
Crampton says he wouldn’t blame the bank’s current round of tightening, but rather the prior round of exuberance that required it.
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