New Zealand Reserve Bank Governor Allan Bollard said today in a speech in Auckland that New Zealand economy is facing a slowing recovery from world recession and that recovery in New Zealand will be slower Australia's. On the other hand Bollard ensured that Australia will be a strong market for New Zealand exports.

Allan Bollard added that financial markets do not appreciate the weak recovery in New Zealand. Bollard expressed his concerns about the rising currency value against its American counterpart as he said it is threatening an export led recovery, worth mentioning that New Zealand economy expanded 0.1% in the second quarter of this year ending a series of contractions began in the first quarter of 2008.