22 May '11, 9pm

New Zealand's economy 'set to grow' by 4%

WELLINGTON - New Zealand's economy may grow by as much as 4 per cent over the next four years as spending cuts unveiled in last week's budget enable interest rates to remain lower for longer, Finance Minister Bill English said yesterday. That will benefit families whose incomes are hurt most by more than NZ$5 billion (S$4.93 billion ) in spending cuts which are aimed at achieving a budget surplus in four years, Mr English told broadcaster TVNZ. "If we get this deficit under control, we can keep interest rates lower for longer, and interest rates are the single biggest component of their cost of living," he said. "The prospect of 2 per cent, 3 per cent, 4 per cent growth in the economy over the next four years, and wage increases, will give them some hope that they can get on top of their debt, more security in their jobs, and their incomes up." Prime Minister John Key anno...

Full article: http://www.todayonline.com/Business/EDC110523-0000270/New...

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