“The World Economic Outlook report released by IMF today shows the fallout of Grant Robertson’s economic mismanagement, with New Zealand taking last place of all the advanced Asian and Pacific economies,” says ACT Party Leader David Seymour.

“The report is titled “A Rocky Recovery,” and of all the advanced Asian and Pacific economies, New Zealand’s road to recovery is the rockiest. In 2023 and 2024, the report projects New Zealand as having the worst unemployment, GDP growth, and change in current account balance, as well as the worst inflation in 2022, second worst in 2023, and third worst in 2024. The same report in 2019 had New Zealand leading on GDP growth.

“New Zealand is also projected as being worse off than Emerging and Developing Asia (EDA) in all of these areas except unemployment, and that’s only because unemployment is not projected for the whole of EDA. Of the six EDA unemployment projections provided, New Zealand is the worst in 2024.

“While New Zealand loses its grip on first world status, Grant Robertson still refuses to take any responsibility for the situation. He pirouetted from the COVID excuse to the Putin excuse, but totally neglects to acknowledge the fact that he recklessly borrowed and spent his way through both – that’s where this mess has come from.

“The last three years should have been approached with prudent fiscal management, not throwing stacks of cash at every shiny project which caught the Ministers’ eye. Everyday New Zealanders are now paying the price for Labour’s frivolity at the pump, the checkout, and at the bank as they get their mortgages repriced for hundreds of dollars more per week.

“ACT has released an Alternative Budget each year showing how the Government could cut billions of dollars in wasteful spending without touching frontline services. Hopefully this year Grant Robertson will listen.”

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