NZ economy in good shape amid global headwinds
Friday, 22 November 2019, 8:34 am
Press Release: New Zealand Government
A major new report on the global economy shows New Zealand
is in good shape amid increased global headwinds.
The Organisation for Economic Cooperation and
Development (OECD) has just released its latest Economic Outlook. It shows the OECD
group of economies is forecast to grow between 1.6% and 1.7%
across the three years of 2019-2021 as world trade growth
falls.
New Zealand’s relative strength stands out
in the forecasts. Our economy is forecast to grow between
2.4% and 2.7% over the same time.
“This is
further evidence that New Zealand’s economy is in good
shape,” Finance Minister Grant Robertson said. The OECD
said New Zealand’s growth will remain steady, and that
business investment is set to expand.
“Our
economic outlook is stronger the countries we traditionally
compare ourselves against, like Australia, Canada, the US,
the EU, Japan, Norway and Sweden.
“New Zealand
hasn’t been immune to the global uncertainty from issues
like the US-China trade war, Brexit and geopolitical
tensions in the Middle East. We are well positioned to
counter these global headwinds, with low interest rates, low
unemployment and low Government debt.
“Looking
backwards, economists are picking the September quarter was
softer in terms of growth. But it’s been good to see signs
recently of the economy picking up again towards the end of
the year, underpinned by the investments the Government is
making.
“In the past week we’ve seen our
services and manufacturing industries expanding, while
we’ve also recently seen the highest wage growth in a
decade and the third lowest unemployment rate.
“The Government is supporting the economy with our
Economic Plan. We’re making record infrastructure
investment in regional roads and rail, backing businesses to
innovate and grow through R&D, and boosting the wages of
working New Zealanders through the minimum wage and Families
Package.”
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