Finance Minister Nicola Willis has welcomed rating agency S&P\u2019s vote of confidence in the New Zealand economy.<\/p>\n
The agency has affirmed New Zealand\u2019s AA+ foreign currency credit rating with a stable outlook and is forecasting the economy to grow 2.5 per cent in the 12 months to June next year.<\/p>\n
\u201cNew Zealand is one of just 18 economies to have an AA+, or better rating,\u201d Nicola Willis says.<\/p>\n
\u201cS&P affirmation of our rating is a vote of confidence in both the economy and the Government\u2019s management of the books. <\/p>\n
\u201cS&P says New Zealand\u2019s economic outlook is improving and it expects stronger growth to help reduce the government\u2019s deficit over the next three years.<\/p>\n
\u201cIts expectations accord with the Government\u2019s fiscal intentions which are to gradually reduce government spending as a proportion of GDP, return the books to surplus and bend the debt curve down.<\/p>\n
\u201cGetting the tick of approval from S&P is important because rating agency decisions can move markets. Downgrades lead to higher borrowing costs for both governments and people.\u201d <\/p>\n
In its review, S&P pays tribute to New Zealand’s monetary policy flexibility, wealthy economy, relatively low net debt, and strong institutions. It says these strengths offset weaknesses associated with external imbalances and fiscal deficits.<\/p>\n
It notes that action taken by the current Government to reduce the deficit and revitalise the economy includes: reducing income taxes, streamlining the public service, incentivising foreign investment through the reversal of offshore oil and gas exploration bans, and reforming the local government sector.<\/p>\n
\u201cI know many people are still doing it tough, but S&P\u2019s latest report is further evidence that Kiwis can look forward to a growing economy creating more jobs and the government\u2019s books returning to surplus,\u201d Nicola Willis says.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Minister Nicola Willis has welcomed rating agen 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