{
  "title": "New Zealand: 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, May 14, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533",
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  "summary": "New Zealand’s economy continued to grow at a moderate rate, in part reflecting the effects of the recent drought and inflation. The macroeconomic policy has been framed to absorb adverse shocks with flexible exchange rates to serve as buffer.",
  "sections": [
    {
      "heading": "Macroeconomic performance and near-term outlook",
      "content": "- New Zealand’s economy continued to grow at a moderate rate.\n- Growth partly reflected the effects of the recent drought and inflation.\n- Macroeconomic policy has been framed to absorb adverse shocks, with flexible exchange rates to serve as buffer."
    },
    {
      "heading": "Fiscal stance and public debt",
      "content": "- The planned pace of deficit reduction is balanced between sustaining aggregate demand and limiting public debt growth."
    },
    {
      "heading": "Financial sector resilience",
      "content": "- Recent stress tests showed that major banks could withstand a sizable shock to:\n  - output,\n  - terms of trade,\n  - rising unemployment,\n  - a fall in property prices."
    },
    {
      "heading": "Policy implications and emphasis",
      "content": "- Use of flexible exchange rates as a shock absorber is central to macro policy.\n- Fiscal consolidation strategy aims to strike a balance between demand support and debt containment.\n\n---\n\n Content in this bundle\n\n- cr13117 — Risk Assessment Matrix and Key Findings\n  - cr13117 — Risk Assessment Matrix and Key Findings (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13117 — Risk Assessment Matrix and Key Findings (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533/index.md)",
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    "Published: May 14, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484308837.002",
    "New Zealand’s economy continued to grow at a moderate rate.",
    "Growth partly reflected the effects of the recent drought and inflation.",
    "Macroeconomic policy has been framed to absorb adverse shocks, with flexible exchange rates to serve as buffer.",
    "The planned pace of deficit reduction is balanced between sustaining aggregate demand and limiting public debt growth.",
    "Recent stress tests showed that major banks could withstand a sizable shock to:",
    "Use of flexible exchange rates as a shock absorber is central to macro policy.",
    "Fiscal consolidation strategy aims to strike a balance between demand support and debt containment.",
    "**_cr13117 — Risk Assessment Matrix and Key Findings**"
  ],
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