Today's
GDP figure shows the severe stress New Zealand is under
because of bad economic policy and management, National
Finance spokesperson Bill English said today.
"The economy
was 0.7% smaller in June than in March. Most of the reason
for this can be directly sheeted home to the uncertainty and
pessimism that the Government has created in the last 9
months.
"We've seen 10,000 jobs lost in the last six
months. Now we have the economy contracting. Put that
alongside a record low exchange rate and double-digit price
rises and we're in really bad shape.
"Some commentators
expect that activity will bounce back in the next quarter.
Let's hope they're right.
"With strong global demand and
a competitive exchange rate, this economy should be firing
on all cylinders.
"But sadly for New Zealand under the
policy settings of this Government, any bounce-back in
activity will remain well below the economy's potential," Mr
English said.
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