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Kiwi Forecasters Flummoxed as Migrants Flock to End of the Earth

Immigration surge contributes to central bank's policy reversal
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New Zealand is proving surprisingly popular despite being near the end of the earth. So much so that policy makers keep having to rewrite their economic forecasts.

A record influx of migrants in the past two years has seen more people seeking work, reducing pressure for wage rises and helping to keep inflation well below the central bank’s target. This encouraged the Reserve Bank of New Zealand to reverse policy in 2015, cutting interest rates four times in six months and saying further easing is possible in 2016.