27 November 2001 Media Statement

Confidence survey reflects global uncertainty

Finance Minister Michael Cullen said the latest National Bank survey showing general business confidence still in negative territory reflected the continuing uncertainty over the global economic outlook.

“Firms are in a wait-and-see mode, which is to be expected given the uncertainties regarding the length and severity of the world slowdown.

“But the New Zealand economy is better placed to weather the turbulence than most other economies and than at earlier times in our history. This underlying resilience is evident in the fact that a net 16 percent of respondents remain optimistic about their own economic prospects over the next 12 months,” Dr Cullen said.

ENDS

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