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More of same makes economic crisis worse

22 September 2000

More of same makes economic crisis worse

Green Party Co-leader Rod Donald today said the Government had to wake up and recognise that 15 years of chasing free trade and globalisation has devastated the New Zealand economy.

Mr Donald was responding to a record current account deficit for the year ended June 2000 of $7.54 billion, up more than $3 billion on the deficit for the year to June 1999 of $4.165 billion.

"The figures speak for themselves," said Mr Donald. "Successive government's have vigorously pursued free trade and globalisation and this is the end result. What is it going to take to make this government accept that National's policies have ruined this economy and that more of the same is just going to make things worse?"

Mr Donald said the huge deficit was made up of deficits in both goods and services and negative dividend flows on investments as companies which New Zealand had once owned funnelled profits off shore to their new owners.

"This Government must acknowledge the seriousness of this situation. The economy is literally falling through the floor," said Mr Donald.

"Instead of pursuing more of the same with a free trade and investment agreement with Singapore this government needs to put its hands on this economy and completely reverse the current direction.

"We need to buy back New Zealand businesses to stop sending our money overseas, focus on buying New Zealand Made and introduce import substitution to boost the domestic economy," he said.

"The solution to this economic crisis lies in New Zealand striving for more self reliance. Now more than ever we can see the huge impact on this country of free trade and corporate globalisation."

Rod Donald MP: 025 507 183

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