Finance Minister of New Zealand, Bill English, said that the economy of New Zealand is in gaining momentum due to the improvement of business and consumer confidence along with an increase in wages. He said that there are many recent indicators that are used towards confirming that the economy of New Zealand is on the right track. He also said that the future would be brighter with momentum towards a stable and stronger economy.
According the report published by New Zealand Institute of Economic Research Inc., the optimism of businesses reached a four-year high. This aspect also confirms that many of the companies are ready to hire more workers and also invest more. In this regard, the central bank of New Zealand has kept the interest rates on low points to help the economy in speed recovery.
The Finance Minister said that the economy is on the track of achieving a 2 to 3 percent economy growth rate. He also expressed that the interest rates are 50 year low level along with a controlled cost of living in New Zealand. He said that the strategy of the government is to decrease the debt which was incurred due to the world financial crisis and also recover from the Christchurch’s earthquake. The government wants to enhance the capacity of the economy for delivering more jobs along with higher incomes. He stressed that people of New Zealand have to paddle themselves towards a reliable and robust economic wave that can transform the country.