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New Zealand Finance Minister lists reasons to be cheerful about economy, despite warnings

06-20-2011 16:09 BJT

WELLINGTON, June 20 (Xinhua) -- New Zealand Finance Minister Bill English took to the Internet Monday to issue a "list of reasons to be positive" about the country's economy amid a raft of positive economic data tempered with warnings.

English gave a public "briefing" on the economy via YouTube, telling viewers that the country was in generally good shape despite taking a double hit from a global recession and the series of earthquakes that have been shaking much of second city of Christchurch to rubble.

"In the last couple of years we've faced two challenges. One has been to simply get through the recession, manage the unexpected events like earthquakes, protect the most vulnerable when the economy hasn't been in good shape and the government's been in deficit," said English.

"The other challenge has been to set a platform for future growth at the same time so we have focused on longer term policies over the last couple of years which are going to lift our potential growth, such as investment in infrastructure.

"It's good to see some growing confidence about the New Zealand economy. People, I think, are carefully starting to think that the economy is picking up and there are a number of reasons to be positive," he said, introducing his nine positive points.

Top of his list was the country's terms of trade "at 40-year highs, so a unit of New Zealand exports can buy more than it's been able to buy than at any time in the last 40 years."

He also credited the country's close trade relationship with neighboring Australia and growing trade with Asia with buoying New Zealand's prospects.

"We are finding ourselves in a part of the world next to the world's fastest growing developed economy until quite recently that's Australia and all the other economies that Australia trades with and we trade with growing so fast actually that they' re doubling their incomes about every eight or nine years and willing to pay more for more of our goods."

Editor:Du Xiaodan |Source: Xinhua

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