N.Z. economy
Sir,—The announcement by the Prime Minister that the economic indicators over the next few months do not look good will surprise no-one. Of particular concern, however, is the expected failure of our bal-ance-of-payments situation to improve. This is in spite of a firm commitment by the incoming Labour Government that New Zealand’s economic recovery was to be “export-led.” By blaming the previous Government’s “think big” projects for problems in the economy Mr Lange is risking his credibility. The fact remains that recent hectic activity in the servicing sector, particularly the financial area, makes no contribution to New Zealand’s export earnings. Industries that actually produce goods for export are in decline. This is causing unemployment to increase and this trend will continue until the Government recognises that economic theory out of a textbook does not equate with what happens in the real world.—Yours, etc., D. T. ARCHBOLD. Cheviot, December 1, 1986.
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Press, 5 December 1986, Page 20
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152N.Z. economy Press, 5 December 1986, Page 20
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