Jacinda Ardern slams New Zealand’s economic crisis ‘worse than recession!’ | World News

Jacinda Ardern has slumped in the polls and could lose power in New Zealand’s election next year. Two years ago, he won a historic majority, largely thanks to his Covid response. But now, New Zealand pollster David Farrer tells Express.co.uk the country’s economic woes could be “worse than recession”. Mr Farrar, who works with the opposition National Party, told Express.co.uk that Ms Ardern’s Labor government was trying to blame international factors for the crisis.

He said: “They are already blaming international factors for inflation, but in reality they are breaking it down into international and domestic.

“International inflation is eight percent and domestic inflation is around eight percent, making a total of seven percent.

“I don’t think we’ll go into a recession, but to some degree the cost of living is worse than the recession.

“If you go into a recession, unemployment goes up, and that’s devastating for the three percent of extra people who are out of work. The problem with inflation is that it affects everyone except the very rich.

“The problem is, by next year’s election, will inflation have come down enough not to anger people. Or will they say, ‘I blame the government, I want change’?”

Earlier this week, New Zealand’s central bank raised interest rates in an attempt to stem inflation.

The Reserve Bank of New Zealand raised interest rates by 0.5 percent to three percent.

It could rise further, they warned in a statement.

The bank said: “Continued tightening of monetary conditions is appropriate to maintain price stability and contribute to maximum sustainable employment.

“Committee members agreed that monetary conditions should continue to be tightened until they believe there is sufficient restraint on spending to bring inflation within its annual target range of 1-3 percent.”

New Zealand’s inflation recently hit 7.3 percent, the highest in 32 years.

The economy could be one of several issues that will cost Ms Ardern next year’s election.

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Mr Sharma told Radio NZ this week: “This is about the credibility of a prime minister of a country who lies at every step.”

He has called for an inquiry, adding: “I want a public inquiry, which will hold people to account, because as we have seen so far … this is a kangaroo court of a banana republic.

“Why is the Prime Minister more concerned with removing me than giving me a fair public opportunity?

“There’s a lot more going on that the prime minister doesn’t want to investigate.”

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