NZ economy defying global headwinds: Robertson

New Zealand’s economic strength has been recognised in an update on the state of the global economy.

The IMF’s latest World Economic Outlook shows a reduced global growth forecast over the next two years as issues such as the US-China trade war and Brexit take hold.

New Zealand is measured alongside a group of advanced economies by the IMF. Growth across this group as a whole is expected to be 1.7 per cent in 2019 and 2020 – a slight drop from six months ago.

"Among this group, New Zealand’s growth forecasts have held steady at 2.5 per cent in 2019, rising to 2.7 per cent next year. This shows we’re in good shape," Finance Minister Grant Robertson, pictured, says.

"We know we’re not immune to the global situation. The surplus and low debt give us further opportunities to strengthen the economy.”

The IMF forecasts global growth of three per cent in 2019 and 3.4 per cent in 2020, down 0.3 per cent and 0.2 per cent from April. 

Forecast growth rates for selected economies:

Source: International Monetary Fund October 2019 World Economic Outlook.