New Zealand: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, May 2, 2003
Source details
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- New Zealand: Staff Report for the 2003 Article IV Consultation
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Bibliographic details
- Published: May 2, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830187.002
Overview
- Report highlights that despite significant slowdowns in activity in some major overseas markets, New Zealand maintained a strong pace of economic growth over the past three years.
- The economy’s performance reflected enhanced flexibility stemming from the structural reforms of the 1980s and 1990s.
Macroeconomic performance — findings
- New Zealand maintained a strong pace of economic growth over the past three years.
- Enhanced flexibility of the economy attributed to structural reforms of the 1980s and 1990s.
- Fiscal surplus rose in 2001/02 and is expected to strengthen further over the medium term.
External sector and exchange rate — findings
- The value of the New Zealand dollar fell sharply in 1999 and 2000.
- The New Zealand dollar stabilized during 2001.
- The New Zealand dollar appreciated substantially in 2002 and into early 2003.
Policy implications and outlook (as presented)
- Continued monitoring of external developments given slowdowns in some major overseas markets.
- Maintain fiscal discipline to support the projected strengthening of the fiscal surplus over the medium term.
- Preserve structural flexibility achieved from past reforms to sustain growth amid external volatility.
Content in this bundle
- New Zealand: 2003 Article IV Consultation - ISCR/03/121