Friday, April 4, 2014

IMF report gives a tick for New Zealand's economic performance

A recent IMF report delivers good news for those following trends that will impact on the performance of the New Zealand art market this year. New Zealand's economic expansion is "becoming increasingly embedded and broad based" with growth forecast to be about 3.5% this year. These are the findings of an assessment from the International Monetary Fund, which found the country's economy set to grow with business and consumer confidence strong and commodity prices for exports staying high.

A slow down in growth in China remains the main external risk to what has been termed New Zealand's 'rock star economy', but the IMF does not see it as an imminent threat. When questioned by New Zealand prime minister John Key on whether the wheels could come off the Chinese economy as it moves towards a free market, President Xi Jinping responded confidently. The "invisible hand" (of the free market) would simply be constrained by the "visible hand" (of the Chinese Government) he told Key in Beijing a fortnight ago.