IMF forecasts NZ to outperform other advanced economies
The latest report from one of the world’s leading economic institutions highlights the importance of sticking with National’s plan to grow the economy, National Party finance spokesperson Nicola Willis says.
“The International Monetary Fund is forecasting growth in New Zealand to accelerate to 2.6 per cent next year while growth in other advanced economies declines or flatlines.
“The IMF’s October World Economic Outlook forecasts growth to slow to 1.6 per cent in Australia and 1.2 per cent in the United Kingdom, to increase fractionally in the European Union to 1.2 per cent, and to remain steady in the United States at 2.3 per cent.
“The six-monthly outlook forecasts the New Zealand economy to grow twice as fast as the Swiss and German economies and almost four times faster than Japan and France.
“Kiwis have been through a tough few years and many are still doing it tough but the outlook shows New Zealand is headed in the right direction.
“Cancelling Investment Boost, increasing taxes and reversing reforms that are creating jobs and lifting educational achievement as the Labour Party is proposing would be exactly the wrong thing to do.
“The economy is gathering momentum. The last thing New Zealand needs is for Labour to slow progress because it is uncomfortable with the pace and wants to stop for a cup of tea.
“The report shows New Zealand is not alone in having to endure a cost-of-living crisis.
“The IMF says the Covid-19 pandemic, the wars in Ukraine and the Middle East and tariff increases have tested the resilience of households, firms, financial markets and governments everywhere.
“In fact, it says that individually each of these challenges would have been considered unlikely in a brief period. Their confluence in less than seven years is ‘extraordinary’.
“Despite that, the National-led government has got the books back in order and the economy growing. Treasury is forecasting 220,000 jobs to be created in the next four years and unemployment to decline from 5.6 to 4.3 per cent.
“Labour and its mates in the Green Party, Te Pāti Māori and the Opportunity Party want to put that at risk with nine new taxes. My advice to New Zealanders is not to let them.”
