Academic journal article The Reserve Bank of New Zealand Bulletin

Economic Destiny Largely Lies in New Zealand's Hands

Academic journal article The Reserve Bank of New Zealand Bulletin

Economic Destiny Largely Lies in New Zealand's Hands

Article excerpt

1 February 2013

Improving New Zealand's productivity and competitiveness is critical to our economic prosperity, the Governor of the Reserve Bank said today.

In a speech to the Canterbury Employers' Chamber of Commerce in Christchurch, Mr Wheeler said there is no easy formula for boosting economic growth rates. Like other small, commodity-producing economies, New Zealand's economic prospects depend greatly on the growth in world output and trade.

But Mr Wheeler said there are ways to build prosperity in the longer term, and the Reserve Bank is committed to helping cement the foundations for this growth.

As well as ensuring price stability and reducing the risk of inflation surprises, the Bank is strengthening financial sector regulation and supervision to promote a stable and efficient financial system.

Strong international demand for New Zealand's commodity exports will also help to build prosperity. However, we need more investment to help with job creation and market development.

"Instead of welcoming foreign investment, we have one of the more restrictive frameworks among OECD countries. …

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