[PDF] Oecd Economic Surveys New Zealand 2022 eBook
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The New Zealand economy recovered quickly from the COVID-19 shock thanks to effective virus containment, measures to protect jobs and incomes and highly expansionary macroeconomic policies but is now overheating and house prices have soared. The Reserve Bank has begun to tighten monetary and macroprudential policies with a view to achieving its price and financial stability objectives.
Well-being in New Zealand is generally high, although there is room for improvement in incomes, housing affordability, distribution, water quality and GHG emissions. Economic growth is projected to remain around 21⁄2 per cent. The main risks to the outlook are rising trade restrictions and a housing market correction. Labour market reforms have been initiated to increase wages for the low paid but will need to be implemented cautiously to minimise potential adverse effects. Substantial planned increases in bank capital requirements should reduce the expected costs of financial crises but might reduce economic activity.
After a strong recovery from the pandemic, the New Zealand economy has slowed, with higher interest rates weighing on housing construction, and inflation undermining purchasing power and consumption. Monetary policy has tightened significantly since late 2021 and proved efficient at reining in inflation. Better control of government spending is needed to keep fiscal consolidation on track in the short run and restore fiscal space for ageing-related expenditures and the green transition in the long run. New Zealand also faces an investment gap in addressing the needs of a rapidly growing population. Improving competition policies and streamlining the regulatory environment would help revive productivity growth and lift living standards in the long run. As highlighted by the recent OECD PISA study, achievement in school education has declined markedly. Inequality remains high and attendance has dropped. There is an urgent need to improve the curriculum, reform teacher education and strengthen support to teachers and schools to deliver better education outcomes. Adapting to climate change will require maintaining high insurance coverage for climate-related losses as well as changes to land-use planning and a comprehensive long-run energy strategy. The green transition needs a more rigorous cost-benefit assessment of emission reduction options. Special features: Competition, School Education, Climate Change
Mexico is recovering from a pandemic that had deep economic and social impacts. Informal workers, women and youth were particularly hit, exacerbating long-standing social challenges. Mexico’s solid macroeconomic policy framework safeguarded macroeconomic stability. But medium term growth prospects have weakened and growth over the past two decades has been low.
This 2007 edition of the OECD Economic Survey for New Zealand focuses on raising New Zealand’s living standards, public pensions and retirement savings, deepening financial markets, toward a more efficient taxation system.
OECD's 2013 Economic Survey of New Zealand examines recent economic developments, policies and prospects. This issue features special chapters on school to work transition and long-term growth.
New Zealand is enjoying strong economic growth, driven by booming tourism, high net immigration, solid construction activity and supportive monetary policy. The fiscal position is sound, with low public debt and a balanced budget.