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NZ Economic Outlook Much Improved

New Zealand's economic outlook is much improved according to the country's largest investment manager, AMP Asset Management (AMPAM)

Speaking today at a superannuation briefing Murray Gribben, AMPAM Managing Director, said he believed that New Zealanders were often their own worst critics.

"We should take heart from the IMF who recently commented that despite the impact of recession in Asian markets and severe drought, economic outcomes in New Zealand had been favourable," said Mr Gribben.

"With the impacts of the Asian crisis and the drought now substantially behind us, we can now look forward to more positive times.

"While the GDP contaction in the June quarter surprised us all, we believe it was an aberration in an emerging trend of sustained growth. We firmly believe that economic growth will exceed current expectations in 2000."

"All the key ingredients are there - low interest rates, a favourable exchange rate, strong growth in the economies of our major trading partners and record tourism levels. I think the gloom merchants need to focus on the future rather than bemoan the past."

"While there has been some caution in general business confidence in the lead up to the election, there has also been remarkable confidence in peoples own businesses. This is reflected in the level of job advertisements which are 30% up on figures of a year ago.

AMP Asset Management is New Zealand's largest funds manager, managing a total portfolio of almost $10 billion. It was also the recipient of the 1999 IPAC Fund Manager of the Year Award.

ENDS

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