NZ Growth Tipped Among Strongest

November 1, 2013


New Zealand will rank among the strongest growing of the advanced economies this year and next year, according to the International Monetary Fund's annual World Economic Outlook.

It forecasts New Zealand's growth rate this year to be 2.5 per cent, bettered among the 35 advanced economies only by Israel, Singapore, Hong Kong and Korea. The average for advanced economies in 2013 is just 1.2 per cent.

The IMF expected the growth rate to pick up to 2.9 per cent next year, exceeded only by the same four and Taiwan, and outperforming the advanced economy average of 2 per cent.

New Zealand also looked relatively good on the fiscal front, with a general government deficit of 0.4 per cent of gross domestic product over 2014, compared with an average deficit of 3.5 per cent for the advanced economies as a whole.

Next year's unemployment rate of 5.3 per cent was not as bad as the 12.2 per cent projected for the euro area, 7.4 per cent for the United States or even Australia's 6 per cent.

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