2025-06-08-IMF-新西兰_选定问题（英）_23页_2mb

报告摘要

IMF Country Report No. 25/115: New Zealand's Productivity Challenge

Productivity Growth: New Zealand's productivity growth has lagged behind peer OECD countries. This is due to low capital intensity, limited financial deepening, and weak multi-factor productivity (MFP). Factors include a remote geography, a large agri-tourism sector, and low domestic investment in technology and R&D.
Investment and Innovation: New Zealand faces restrictions in capital markets funding R&D. Equity and debt markets are less developed than in other OECD countries, limiting access to finance for firms. Constraints are more pronounced for intangible-intensive firms. Innovation rates have declined, with low commercialization and patent numbers, particularly by residents.
Business Dynamism: New Zealand has high entry and birth rates but limited growth for young high-growth firms (‘gazelles’). Gazelle rates are lower than expected, and their financing constraints increase as they mature. Regulatory hurdles and land access issues also limit expansion.
Constraints: Market concentration and weak competition policies may hamper productivity gains. Infrastructure gaps, especially in internet connectivity, and hurdles to land use restrict business dynamism. Limited openness to foreign investment and weak international connections slow the diffusion of global best practices.
Policy Recommendations:
- Deepen capital markets by broadening pension reforms and reducing reliance on real estate savings.
- Boost innovation via R&D tax incentives, public research funding, and collaboration with peers for better technology transfer.
- Enhance competition policy to deter market consolidation and improve trade regulations.
- Reform land access and FDI screening to support business growth.
- Reduce infrastructure deficits, particularly in digital infrastructure and internet speeds.
- Address non-financial barriers such as regulations (e.g., land use approval, filing taxes) and skill mobility through education and vocational training.
Conclusion: Deep structural reforms are needed to address the root causes of low productivity growth, including improving access to finance, competition, innovation, and infrastructure, to support sustainable long-term growth.