(MENAFN) According to New Zealand Institute of Economic Research (NZIER), the country's economic growth is to slow over the next five years but more sustainable, Xinhua reported.
Economic growth will average 2.5 percent in the next five years, after a strong 3.4 percent in 2014. One-off boosts are fading, but there is a durable underlying recovery taking place that is not built on fickle borrowing.
"The New Zealand economy has grown strongly recently, made up of two parts: a gradual but sustainable underlying recovery and one-off boosts," NZIER principal economist said in a statement.
With little inflation in New Zealand or globally and few signs of inflationary pressures, the NZIER saw no substances for the Reserve Bank of New Zealand to raise interest rates until 2016.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.