OECD Economic Surveys New Zealand 2017 [Paperback]

New Zealand is enjoying strong economic growthNew Zealand is enjoying strong economic growth, driven by booming tourism, high net immigration, solid construction activity and supportive monetary policy. The fiscal position is sound, with low public debt and a balanced budget. The major economic vulnerability emanates from high levels of household debt associated with rapid increases in house prices, which have reached high levels relative to fundamentals. Barriers to expanding housing supply are being reduced, and macro-prudential measures have been taken to contain financial stability risks, but further measures may be needed. While the short-term economic outlook is strong, there are longer-term challenges from low productivity growth, a changing labour market and some growing environmental pressures. Addressing these challenges would secure sustainable improvements in well-being for all New Zealanders.The OECD is an international organization that consists of 30 Member countries from the developed world that accept the principles of representative democracy and free market economy. It originated in 1948 as the Organization for European Economic Cooperation (OEEC) to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later its membership was extended to non-European states, and in 1961 it was reformed into the OECD. The organization provides a forum where governments can compare policy experiences, seek answers to common problems, identify good practice and co-ordinate domestic and international policies. With active relationships with some 70 other countries and economies, NGOs and civil society, the organization has a global reach. Renowned for its publications and statistics, its work covers economic and social issues from macroeconomics, to trade, education, environment, development and science and innovation.