New Zealandís Economic Recovery Restrained

19 June 2012 03:16am - Phoebe Robinson

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New Zealandís Economic Recovery Restrained

Like many other countries, New Zealandís economy has been knocked by the crisis of the single currency. Now the countryís economic recovery is expected to be a longer and slower process than originally contemplated due to weak global demand the worsening European debt crisis.

The figures given on Monday by the New Zealand institute of Economic Research (NZIER) show that the economy is expected to grow from 1.2% in the year ending March this year and by 3.1% in the year to March 2014. The Reserve Bank of New Zealand (RBNZ), who are part of the team that predicted these forecasts said that the results reflect the, ďsubdued domestic economy and large global risks.Ē

The consensus forecast for 2011 had put GDP growth at 1.8% to March this year and 3.2% to March 2014. The average forecasts for the year to March 2013 have fallen from 2.7% to 2.1%. The cause for this slip in statics is due to the delayed rebuilding of the Canterbury region which was hit by an earthquake, alongside a deteriorating global economic situation.

ďThere are many risks to the outlook. Exports face a difficult future with weak Global demand and the NZD (New Zealand dollar) remaining evaluated. Households are saving rather than spending, and public spending is slowing as austerity kicks in across advanced economiesĒ says the RBNZ.

 

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Related Links:
• The Reserve Bank of New Zealand
Offical Site
• NZIER
Official Site

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