The Reserve Bank has confirmed 2019 was a fizzer with today’s Monetary Policy Statement estimating economic growth of just 1.6 per cent in 2019, ³Ô¹ÏÍøÕ¾’s Finance Spokesperson Paul Goldsmith says.
“Growth of 1.6 per cent isn’t good enough, and is a sharp decline from the three to four per cent growth New Zealand was experiencing under ³Ô¹ÏÍøÕ¾.
“We should note these GDP estimates cover the 2019 year – a period before New Zealand felt any economic effect from coronavirus – and shows New Zealand is in a much weaker economic position than we should be to weather the shocks of the coronavirus which economists say will cost our economy hundreds of millions.
“The slowdown in 2019 is a direct result of the Government introducing more tax, excessive regulations and gutting New Zealand’s infrastructure pipeline. Under ³Ô¹ÏÍøÕ¾’s responsible economic management, New Zealand was much more resilient to these type of economic shocks.
“It’s clear that the Government has no plan for the economy and no direction. Only ³Ô¹ÏÍøÕ¾ will deliver the strong policies needed to support and grow the economy including building infrastructure, spending taxpayer’s money wisely, reducing the cost of living for Kiwi families and leaving more money in their back pocket.”
