English Rejects Large-Scale Economic Reforms

July 19, 2010 New Zealand Finance

Spaghetti JunctionThe New Zealand Finance Minister has deflated any ideas of the Government implementing “big hit” economic reforms, until the country has adequately come out of the recession.

Within fifteen years, advanced economies like the US and the UK will face the repercussions and ill-effects from their recession-stage economic reforms and policies, according to Bill English, Finance Minister of New Zealand. Speaking at a National Party conference on July 16th, the Minister said that if over the coming five years New Zealand continues with a well-considered and consistent economic policies, the country will be “a stand-out” among developed economies.

Bill English warned delegates at the conference that New Zealand’s economic recovery would be a slow and incremental approach, without the “big hit” reforms anticipated by some analysts. He stated that New Zealand currently holds the relative advantage of a very low level of national debt, in comparisons to comparable economies. Further, the national export sector is showing signs of steady recovery, and public debt is steady.

Despite admitting that many individuals would have hoped for a quicker recovery, Bill English said that New Zealand’s economy is showing “hopeful signs” of an independent and unaided recovery.

Photo by Chris Gin