The International Money Fund is warning the Government to rein in spending.
S&P Global Ratings is also saying the country's near-record trade deficit remains a “key credit risk” for New Zealand.
NZ Herald Wellington business editor Jenee Tibshraeny says the Government did a lot to stimulate the economy during Covid-19, creating more demand for imports.
"What we saw was demand for imports shot up- we all did lots of online shopping. But our exports, they didn't do so well. Tourism, export education, that all dropped off."
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