2002 OECD Economic Surveys: New Zealand 2002

image of OECD Economic Surveys: New Zealand 2002

This 2002 edition of OECD's periodic economic reviews for New Zealand examines recent economic developments, policies and prospects and  includes special features on public spending and raising output growth.

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Macroeconomic policies

Both monetary and fiscal policies are presently moderately supportive of economic activity. Interest rates were lowered gradually starting in the first half 2001, as it became progressively clearer that the imported inflationary pressures that had caused the headline rate to rise were being transmitted only to a limited extent to domestic prices and as signs of weakening global demand emerged. Additional rate cuts took place after 11 September, as uncertainties concerning the global situation became more pronounced. Even so, the easing of monetary policy was cautious, in view of the high degree of capacity utilisation and low unemployment. This approach was successful in stabilising domestic confidence, while maintaining underlying inflation under control. ...

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