New Zealand Enters Second Recession in 18 Months Amid High Inflation and Rate Hikes

• New Zealand has entered its second recession in less than 18 months as GDP declined for two consecutive quarters • Aggressive interest rate hikes by the Reserve Bank of New Zealand to curb high inflation have put a brake on economic growth • The downturn comes despite record immigration numbers over the past year with over 133,000 net arrivals • Finance Minister blames previous government's "big spending, big taxing" policies for the recession • Labour Party accuses current government of lacking policies to help Kiwis deal with cost of living