Left Menu
Development News Edition

NZ economic growth to remain steady, business investment set to expand

The Organisation for Economic Cooperation and Development (OECD) has just released its latest Economic Outlook.


NZ economic growth to remain steady, business investment set to expand
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. Image Credit: ANI

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 backward, 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."

(With Inputs from New Zealand Government Press Release)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

WEF2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

Videos

Latest News

Chilean central bank hopeful of no recession, will prevent peso panic - deputy governor

Chiles central bank will intervene forcefully if violent protests threaten its peso currency again, though it hopes the relative calm in recent weeks will be enough to keep the country out of recession, its deputy governor Joaquin Vial said...

Samsung launches world's first refrigerator that can prepare curd

Samsung wants you to stop waiting for the curd to ferment as it has announced a new refrigerator that fastens the process. Called Curd Maestro, it is the worlds first refrigerator that enables curd preparation.While you still need to boil, ...

Kerala Health dept issues alert, surveillance at 4 airports

Kerala Health dept issues alert, surveillance at 4 airportsstepped up Thiruvananthapuram, Jan 22 PTI The Health departmentin Kerala has issued an alert in the wake of the newcoronavirus outbreak in ChinaSurveillance in all the four airp...

Weinstein rape trial begins in earnest, 2 years after #MeToo wave

New York, Jan 22 AFP Harvey Weinsteins rape and sexual assault trial began in earnest in New York on Wednesday, with the defence expected to detail loving emails between the once-mighty movie producer and his accusers. A frail-looking Weins...

Give Feedback