Recovery could take years - English

Friday 21 Dec 2012 6:54 a.m.

Bill English (Photo: Jared Mason)

Bill English (Photo: Jared Mason)

Finance Minister Bill English admits it could be three years before New Zealanders start seeing some light at the end of the economic tunnel.

Economic forecasts this week paint a subdued picture, with Treasury revising down its growth forecasts to around 2.5 percent in two years' time.

Mr English says this has been a long, slow recovery, but New Zealand is in a better position than the eurozone.

"[Compared to] those large economies with virtually no growth, we're on track to a moderately positive outlook. People will be able to continue to get some wage increases and see the creation of some new jobs."

Mr English says New Zealanders have adapted to changing times by spending less and saving more.

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