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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Raising potential output growth

The growth performance of the New Zealand economy in recent years compares favourably with that observed until the mid-1980s, when the country embarked on a comprehensive programme of macro-and micro-economic reforms. These reforms have had a profound impact on macroeconomic stability and on the overall efficiency of the economic system, but it has taken some time for the improvement to show up in the productivity statistics. The initial effect of the first wave of reforms on output was contractionary, as part of the physical and human capital became obsolete. Then, for a few years around the mid-1990s the country achieved high rates of GDP growth thanks to a rapid expansion of labour inputs...

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