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To: Maurice Winn who wrote (42612)	12/11/2003 3:20:15 AM
From: elmatador	Read Replies (1) \| Respond to of 74559

OECD says productivity 'key' to New Zealand By Virginia Marsh in Sydney Published: December 10 2003 10:21 \| Last Updated: December 10 2003 10:21 New Zealand's economic reforms in recent years failed to boost the country's living standards back up the ladder of developed nations to the relative prosperity it enjoyed in the 1950s, the Organisation for Economic Co-operation and Development warned on Wednesday. In its annual economic survey, the Paris-based organisation said New Zealand's incomes per capita had grown at an average annual rate of 2.5 per cent over the past decade, a little faster than for the OECD as a whole, ending the country's gradual slide in its rankings since the 1960s. The country stands at number 20 out of 30 in terms of per capita wealth, down from number three in the 1950s. "Yet something is still missing as potential output has not been rising fast enough for New Zealand to return to the top half of the OECD rankings, the government's announced objective," the OECD said. "The key challenge is to boost productivity growth." The OECD said it was unclear why economic reform had not yielded larger productivity gains but that New Zealand's small size - it has a population of just 4m - and its geographic isolation could be factors. These had caused a preponderance of relatively small companies that found it difficult to lift employment or break into export markets. In addition, the development of agriculture, a sector where New Zealand enjoys substantial comparative advantages, is restricted by high trade barriers. The country's economic growth had shown a "marked improvement" in the 10 years to 2002, averaging 3.6 per cent a year, among the highest rates in the OECD. Growth is forecast at 3.3 per cent this year, down from 4.4 per cent in 2002, and is set to fall further in 2004 and 2005, to 3.2 and 2.9 per cent respectively, partly because of the impact of the recent strengthening of the New Zealand dollar. It has appreciated by 32 per cent since early 2002. The report says to address the weakness New Zealand need to boost investment in research and development and in information technology, further increase foreign trade, and improve education levels and infrastructure. "Too many people have inadequate skills for a modern economy," it said. The report also warned against "picking winners", saying government subsidies to the local film industry were an "unhelpful precedent". Michael Cullen, finance minister in the Labour-led coalition, said he agreed broadly with the OECD's assessment and that the differences of opinion were "at the margins". "The government's approach to getting beneficiaries into paid employment, for example, relies more on the carrot and less on the stick than the OECD would prefer and we are stronger on workers' rights," he said.

To: Maurice Winn who wrote (42612)	12/15/2003 3:34:25 AM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Hello Maurice, Remember this Message 16216838 <<August 15th, 2001>> ? I had added foolishly another two dollops on October 10th, 2001, but I do not have the SI record since that was before I got into the habit of posting all my zigs n’ zags. My aggregate cost basis on Global Crossing 8.7% Aug 01, 2007 bond is USD 366.6 per USD 1,000 face value, and I am informed that I will be given shares of finance.yahoo.com at 2.508751 shares per USD 1,000 face value, or USD 82.8 per USD 366.6 invested. I should feel bad, but since I had written the GX bond position down to zero, I can now write up a ‘gain’ :0) Chugs, Jay