Current Account Deficit - Further Warning On
True State Of Economy
Rt Hon Winston Peters said today
that the current account deficit, up almost $4 billion in
the space of twelve months to a record $9.3 billion, is just
one further warning as to the true state of the New Zealand
economy.
“Our exporters’ international competitiveness
is seriously diminishing. The adverse effects of foreign
ownership in New Zealand are increasing whilst all the
government can offer is excuses.
“Alongside the worst
ever current account deficit figures released today is our
appalling net debtor position, the measurement of net
international debt and net overseas equity, which is now up
$5 billion to a staggering $123 billion.
“All the
government and their apologists have to offer as a pathetic
explanation for this state of affairs is “market
forces”.
“For those who have been claiming the economy has
been booming in recent years, the best advice one could
recommend to them is that they have their heads read,” said
Mr
Peters.
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