Borrowing to counter recession
PA Auckland The Government plans to counter the effects of the coming world-wide recession by increased overseas borrowing. The Prime Minister (Mr Muldoon) said yesterday that looking forward • over the next four or five years he felt the Government was justified in accepting a larger short-term deficit. This would keep New Zealand running about its present level until big new energy projects came into production and began to save big sums of overseas funds.
Mr Muldoon said New Zealand's medium to long term prospects were good.
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Press, 29 December 1979, Page 2
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90Borrowing to counter recession Press, 29 December 1979, Page 2
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