Labour finance spokesperson Michael Cullen said today that he is surprised Bill English has trumpeted the results of the World Economic Forum's Global Competitiveness Report released some weeks ago.

The report shows New Zealand has dropped 12 places in two years.

"Perhaps Mr English might also compare us to our 12 major trading partners in terms of economic record.

"New Zealand has the second lowest growth rate, the biggest current account deficit, the second highest net foreign debt, the lowest gross savings and the second highest long term interest rates.

"Real business people looking to set up business might consider these numbers rather than read subjective assessments from the right wing Economic Forum," Dr Cullen said.

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