Hon GRANT ROBERTSON: The IMF released updated projections for the international economy overnight, revising down its global growth forecast for 2022 and 2023 and raising its inflation estimates. The IMF have said that this reflects weaker growth in the United States, China, and the euro area due to the pandemic, the war in Ukraine, and tightening financial conditions, and the IMF raise the prospect of a more pronounced slow-down. As I've said previously, slowing growth among our trading partners will affect New Zealand's prospects. Economists are currently forecasting that New Zealand's economy will slow from what we have experienced, and these forecasts will continue to be updated as new data comes in. But despite a declining outlook for the global economy, New Zealand does find itself in one of the strongest positions in the world to support New Zealanders as we navigate our way through these uncertain times.