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The New Zealand government on Tuesday welcomed an International Monetary Fund (IMF) report that said the country's annual economic growth is expected to peak at 3. 5 percent next year and to remain at least 2.5 percent in the foreseeable future.
The report said its economic expansion was becoming " increasingly embedded and broad-based," driven by historically high commodity prices and a resurgent construction industry, as well as immigration.
The main external concern was the risk of a sharp slowdown in China, while rapid house price inflation was the main domestic threat.
"New Zealand's net external liability position, although relatively stable, is high by international standards, making it desirable to raise national savings. The government's ongoing fiscal deficit reduction contributes to this aim," said the report.
Finance Minister Bill English said it was the latest in a series of encouraging reports that showed the New Zealand economy was well placed compared with most other developed countries.
"A range of indicators points to broad-based growth in the economy. Building consents in March were nearly double the number issued three years ago. Business confidence remains near 20-year highs. And employment figures showed 84,000 more jobs in the year to March -- the largest annual increase in employment since 2004," English said in a statement.
