The global crisis is hitting New Zealand at a time when difficult domestic adjustment is underway. Its economy is among the most indebted in the OECD. Falling asset prices and a slump in credit demand mean that a process of debt reduction has started. Nevertheless persistent, large current-account deficits and a high external debt render the economy especially vulnerable. In this report, OECD projects that the economy will remain in recession through 2009, and recover only hesitantly in 2010. The report includes coverage of the macroeconomic situation, structural policies, and a detailed examination of health care reform.
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Executive Summary Assessment and Recommendations Chapter 1. Macroeconomic Adjustments in the Current Crisis -The domestic repercussions of fierce global shocks -The macroeconomic imbalances -Monetary policy and financial market supervision before, during, and after the financial crisis -Fiscal policy in the crisis and beyond Chapter 2. Structural Policies to Overcome Geographic Barriers and Create Prosperity -The sources of the prosperity gap -Create an international economic integration advantage -Create a public sector advantage -Create an infrastructure advantage -Create an innovation advantage -Conclusion and policy recommendations Chapter 3. Health Care Reform: Challenges for the Next Phase -Health-system performance -The fiscal sustainability challenge -The clinical sustainability challenge -Incentives for efficient health care choices -Conclusions