18 Jan 2012

Hard work to achieve growth in 2012, says economist

8:56 am on 18 January 2012

ANZ's chief economist says it will be harder for businesses to achieve economic growth this year.

The latest survey from the New Zealand Institute of Economic Research suggests business confidence has taken a knock with most firms expecting worsening business conditions over the next six months.

ANZ chief economist Cameron Bagrie says this comes as no surprise, and while there will be growth, businesses will have to work hard to achieve it.

He says the economy is navigating a weak global scene, Canterbury's earthquakes, strong commodity prices, the need for New Zealanders to save more and the country's need to earn its way to growth rather than spending its way.