New Zealand’s Economic Outlook Reserve Bank of New Zealand February 2009.

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Presentation transcript:

New Zealand’s Economic Outlook Reserve Bank of New Zealand February 2009

Off the record please…

1.International financial crisis Huge financial losses Credit expensive and scarce Big asset price falls

The financial crisis so far

Large credit losses

Large housing market corrections

2.International economic slowdown Slower trading partner growth Falling commodity prices Lower exchange rate

Much weaker world growth

Commodity prices falling - oil

Export commodity prices falling

Lower exchange rate providing buffer

3.Effects on the NZ economy Pressure on businesses Pressure on household sector The economy adjusts

Lower investment intentions…

…and lower employment intentions

House prices to fall further…

…and household spending to remain subdued

Means a slowing economy

… and should provide significant inflation relief

Prompting significant OCR reductions

Focus on financial stability Providing liquidity Government Guarantee Schemes Other actions

End of presentation

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