New Zealand finance minister says economic recovery delayed but still on track.

New Zealand Finance Minister Nicola Willis said on Thursday that New Zealand's nascent economic recovery has been affected by the Iran war, but it is expected to be back on track later this year. "The advice from the Treasury is that although New Zealand's economic recovery may be slightly delayed, it is not derailed," Willis said in Wellington on Thursday. "Bank economists also expect the economy to continue growing in 2026. The economic picture we are presenting to everyone is that while it has been disrupted, it is not derailed and will continue to grow this year." The day before, Moody's downgraded New Zealand's Aaa sovereign credit rating outlook from stable to negative. This move is consistent with the action taken by Fitch last month.