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The process of economic growth in New Zealand

Paul Conway, Adrian Orr

What factors facilitate economic growth? This question has interested economists, policymakers and the general public for generations. And not surprisingly, given that economic growth is one of the most important drivers behind improvements in living standards. In this article, we outline a framework for thinking about economic growth and discuss New Zealand’s recent growth experience within that context. We also discuss the role of price stability, which is seen largely as an important, although not sufficient, condition for enabling sustained economic growth.