您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。New Zealand: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for New Zealand_【发现报告】
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New Zealand: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for New Zealand

金融2022-05-13IMF梦***
New Zealand: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for New Zealand

© 2022 International Monetary Fund IMF Country Report No. 22/138 NEW ZEALAND 2022 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR NEW ZEALAND Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2022 Article IV consultation with New Zealand, the following documents have been released and are included in this package: • A Press Release • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on a lapse-of-time basis, following discussions that ended on March 23, 2022, with the officials of New Zealand on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on April 28, 2022. • An Informational Annex prepared by the IMF staff. The documents listed below has been separately released. Selected Issues The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org Price: $18.00 per printed copy International Monetary Fund Washington, D.C. May 2022 PR22/150 IMF Executive Board Concludes 2022 Article IV Consultation with New Zealand FOR IMMEDIATE RELEASE Washington, DC – May 13, 2022: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with New Zealand on May 13, 2022 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.2 New Zealand has reached a strong cyclical position as a result of successful management of the pandemic and significant policy support. Strong public health policies and border controls helped contain the COVID-19 waves in 2020 and 2021, and high vaccination rates have allowed a shift to a living-with-COVID strategy during the current Omicron wave. The economy rebounded strongly in 2021, growing 5.6 percent, aided by significant fiscal support and accommodative monetary policy. As a result, the labor market tightened significantly, with historically low unemployment and rising wage pressures in the face of labor shortages, exacerbated by border closures. Inflation has risen significantly above the Reserve Bank of New Zealand’s (RBNZ) target range, driven by higher food and energy costs, supply chain disruptions, surging house prices, and rising wages. Record low mortgage rates, easy credit availability, and COVID-related pent-up demand in the face of inelastic supply, boosted house prices significantly, which in turn has rapidly reduced housing affordability. Economic growth is set to slow to about 2.7 percent in 2022, reflecting withdrawal of COVID-19 related policy support, the global economic slowdown, and temporary setbacks from the ongoing COVID wave. The housing market has turned, and house prices are expected to continue slowing as interest rates increase, credit conditions tighten, and supply improves. The unemployment rate will likely remain very low given labor shortages, with a further pickup expected in wage growth. High commodity prices due to the war in Ukraine, persistent supply chain disruptions, and New Zealand’s tight labor market will likely contribute to inflation staying above the RBNZ’s target range in 2022-23. Downside risks dominate in the near and medium term. Near-term risks to the outlook include further outbreaks of COVID-19 variants and an intensification of geopolitical tensions, which could adversely affect economic activity, add to global supply chain disruptions, and push inflation higher. Slower-than-expected growth in China is a risk to New Zealand given strong trading links. The housing market also constitutes a risk in view of borrowers’ vulnerability to rising mortgage rates, high household debt, and banks’ exposure to housing. 1 Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. 2 The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions. 2 Executive Board Assessment In concluding the 2022 Article IV consultation with New Zealand, Executive Directors endorsed the staff’s appraisal, as follows: New Zealand managed the transition to living with COVID well. Strong health and economic policies supported

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