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Both Prudence and Growth Matter
Both Prudence and Growth Matter
Rebalancing our economy matters more in times that warrant fiscal constraint than in the economic good times say the New Zealand Manufacturers and Exporters Association (NZMEA). Budget 2012 should bring initiatives to stimulate export growth in order to cure New Zealand’s persistent current account deficit.
NZMEA Chief Executive John Walley says, “Government initiatives to reduce spending are necessary but not sufficient; only a balanced economy and growth in exports can deliver a current account surplus.”
“Policies to encourage export growth are desperately needed.”
“That means addressing exchange rate issues which still exist despite the recent drop in the NZ dollar, encouraging research and development and investment in plant, and incentivising investment in productive enterprise rather than asset speculation.”
“The current account deficit matters more than Government deficit and should be the focus,” says Mr Walley. “If we earn more than we spend the debt situation will take care of itself; unfortunately that hasn’t happened for a long, long time.”
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