IMF Outlook For New Zealandís Economy Is Good But Not Great

03 April 2012 21:00 - Florence Fullalove

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IMF Outlook For New Zealandís Economy Is Good But Not Great

The International Monetary Fund has released today its preliminary concluding statement on New Zealandís economy. IMF mission chief to New Zealand Brian Aitken said that, ďthe outlook for New Zealand looks good though itís not great.Ē The IMF did say that New Zealand has learned the economic lessons of the economic crisis.

The assessment of New Zealandís economy was upbeat as the IMF said New Zealand is emerging in reasonably good shape from the recent global financial crisis. The governmentís ďambitiousĒ deficit reduction plan and the Reserve Bankís monetary policy have both been given support from the IMF.  Reducing the deficit will help raise national savings, in turn reducing the future current account deficits and next external liabilities. The IMF have said that New Zealandís ďrelatively modestĒ public debt means the government has the opportunity to delay its deficit reduction plans if the economic outlook deteriorates quickly.

Having said this, the IMF report said that New Zealand could be vulnerable to any economic downturn that Australia or China experience as they are their major trading partners. Failing demand for New Zealandís commodity exports could significantly weaken the countryís terms of trade. The IMF said the major risks to New Zealandís economy are external ones including the situation in Europe.

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Related Links:
• International Monetary Fund
Preliminary Concluding Statement
• Reserve Bank of New Zealand
New Zealand's central bank
• Ministry of Trade
Official Website
• New Zealand Government
Deficit Plan
• Latest News
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