Net migration, tourism sustain New Zealand economy, says UN

The United Nations said that it was glad that the economy of New Zealand was being supported by net migration and tourism.

The UNESCAP (UN's Economic and Social Commission for Asia and the Pacific) in its survey, released 2 May, said that construction activity would get a leg up when the reconstruction efforts get underway to ameliorate the effects of the Kaikoura earthquake that struck in November 2016.

Private consumption would be promoted by low inflation and funding costs, though rising costs for housing and high household debt would restrict it to some extent.

Newshub quotes the UN report expressing concerns over any spikes in housing prices would pave way for capacity limitations in the construction sector where there are not enough skilled workers.

On the other hand, its report estimates a positive growth of Australian economy, which is expected to increase by 2.7 percent in 2018.

UNESCAP also feels that China's growth will decline from 6.5 percent in 2017 by a bit to 6.4 percent in 2018.

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