October 18, 2023
Peters talks crisis despite economic gains
Winston Peters is expecting the books to show the country is in a major economic crisis.
Depending on the final shape of the new parliament, the New Zealand First leader likely to have a senior ministerial position in the new Government.
He says at no time during the election campaign did he think the country was being told the truth about the state of the economy.
“If you’re forecast by the IMF to be next year, of 160 countries, coming at 159 in terms of your GDP or your growth rate, then this is a crisis and I didn’t think in the campaign that the political debate ever grasped just how serious things were,” he says.
Treasury’s Pre-election Economic and Fiscal Update predicted a moderate economic slowdown as high interest rates were used to dampen inflation, but and last month’s StatsNZ release showed the economy expanded 0.9 percent in the June quarter, 50 percent ahead of the Treasury forecast.
Winston Peters says New Zealand should look at the lessons of successful small economies like Ireland, Singapore, Iceland and some of the Nordic countries.