NZ Economy:2010 Global Recovery Will Be Stronger
March 26th, 2010
OECD chief Angel Gurria says global economic recovery will be stronger than previously estimated this year, helped by robust growth in China and India. He’s picking global growth of 4 to 4.5%, way ahead of the OECD economy which will grow at around 2 to 2.5%. In November the OECD was picking the global economy would expand by 3.4% this year, after slumping 1.7% last year.
Gurria says the global economy is going to grow faster because China and India are doing the hard yards. He also says Govts should not withdraw economic stimulus measures yet, but they need to indicate how they plan to return to sustainable fiscal and tax positions. He says these signals on how to normalise the fiscal situation need to be given now. NZ businesses will be watching anxiously for the budget to see what the Govt’s strategy will be.
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