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)


TRENDING

OPINION/BLOG/INTERVIEW

JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....

Videos

Latest News

US concerned about implications of CAB

The United States is concerned about the implications of the Citizenship Amendment Bill in India, a top American diplomat responsible for monitoring international religious freedom said on Friday. One of Indias great strengths is its Consti...

Niners NT Jones (ankle) heading to IR on Saturday

San Francisco 49ers nose tackle D.J. Jones will be placed on injured reserve on Saturday due to an ankle injury, coach Kyle Shanahan reconfirmed Friday. Jones, 24, entered play against the New Orleans Saints last Sunday with an injured ankl...

WRAPUP 5-U.S.-China trade deal cuts tariffs for Beijing promise of big farm purchases

The United States and China cooled their trade war on Friday, announcing a Phase one agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and ot...

UPDATE 1-Athletics-New Zealand Olympic legend Snell dies at age 80

Famed New Zealand Olympic middle-distance runner Peter Snell has died in Dallas at age 80, the New Zealand Herald reported on Saturday.The newspaper reported sports historian and friend Ron Palenski confirmed Snell had died at his Texas hom...

Give Feedback