New Zealand Prime Minister Christopher Luxon can look forward to falling interest rates fueling an economic recovery in 2025 after a turbulent first year in office featuring a likely recession, widening budget deficits and tensions over race relations.

New Zealand faces another recession after the economy contracted in the second quarter, albeit less than economists and the central bank expected.

We have to build an opportunity economy,” Mr Luxon said in a fireside chat at a Bloomberg Address in Auckland on Sept 20. “Where as young people you can see that actually if you stay here, and you work hard you can get ahead.