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Policies to support sustainable long-term growth in New Zealand

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  • Calista Cheung

Abstract

As its workforce ages and major economies shift towards producing higher value-added goods and services, New Zealand will face increasing challenges to remain globally competitive and maintain high living standards. Future growth will need to come increasingly from productivity gains, and resources will have to shift towards activities that rely more on skills, technology and intangible assets. Strengthening international linkages will be crucial to overcoming geographic disadvantages and will require improvements in the information and communications technology infrastructure, together with innovation leveraged off the country’s strong primary industry knowledge base. Continuing to raise skill levels and the pensionable age will also help counter the effects of ageing. Lifting national saving, partly by targeting a higher public saving rate, will reduce the persistently high relative real interest rates and the sustained overvaluation of the real exchange rate, which potentially harm economic activity. To improve the sustainability of growth, revenues from non-renewable resource extraction need to be invested for the benefit of future generations and greater efforts devoted to mitigate the damage to natural capital from economic activity, particularly with respect to water quality. This Working Paper relates to the 2013 OECD Economic Review of New Zealand (www.oecd.org/eco/surveys/New Zealand). Des politiques en faveur d'une croissance viable à long terme en Nouvelle-Zélande Tandis que sa population active vieillit et que les grandes économies s’orientent vers la production de biens et services apportant une plus grande valeur ajoutée, il va devenir de plus en plus difficile pour la Nouvelle-Zélande de rester compétitive sur la scène mondiale et de maintenir un niveau de vie élevé. À l’avenir, la croissance devra s’appuyer de plus en plus sur les gains de productivité, et les ressources devront être consacrées à des activités qui font davantage appel aux qualifications, aux technologies et aux actifs incorporels. Le renforcement des liaisons internationales, déterminant pour surmonter l’éloignement géographique, nécessitera une amélioration de l’infrastructure des technologies de l’information et de la communication, ainsi qu’une innovation tirant parti de la solide base de connaissances du pays dans le secteur primaire de l’économie. S’il continue à relever les niveaux de qualification ainsi que l’âge du départ à la retraite, le pays pourra compenser les effets du vieillissement de la population et, en visant un taux d’épargne publique plus élevée, il réduira les effets potentiellement néfastes de la lourde dette extérieure pour l’activité économique. Pour rendre la croissance plus durable, il devra investir les recettes de l’extraction des ressources non renouvelables au bénéfice des générations futures, et consacrer davantage d’efforts à l’atténuation des dommages qu’entraîne l’activité économique pour le capital naturel, et notamment la qualité de l’eau. Ce Document de travail se rapporte à l’Étude économique de l’OCDE de la Nouvelle-Zélande 2013 (www.oecd.org/eco/etudes/Nouvelle-Zélande).

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 1076.

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Date of creation: 08 Jul 2013
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Handle: RePEc:oec:ecoaaa:1076-en

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Related research

Keywords: human capital; growth; globalisation; trade; labour force participation; distance; comparative advantage; macroeconomic imbalances; sustainable growth; net foreign assets; natural capital; product market regulation; migration; ageing; innovation; emissions trading scheme; green growth; climate change; royalties; capital naturel; changement climatique; avantage comparatif; système d’échange de quotas d’émissions; déséquilibres macroéconomiques; innovation; commerce; redevances; croissance durable; migration; croissance verte; distance; mondialisation; vieillissement; réglementation des marchés de produits; croissance; capital humain;

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Cited by:
  1. David Turner & Francesca Spinelli, 2013. "The Effect of Government Debt, External Debt and their Interaction on OECD Interest Rates," OECD Economics Department Working Papers 1103, OECD Publishing.

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