Remember 1994? That was the year that marked a decade of economic reforms in New Zealand. Pain had been turned into gain. The economy grew that year by 6 percent, having grown by 5 percent the previous year. Unemployment was dropping like a stone, inflation was down and out, the current account deficit was 1 percent of gross domestic product (GDP) and the budget was in surplus. New Zealand's achievements were getting due recognition around the world. As an editorial in The Wall Street Journal put it:

Under finance minister Roger Douglas, this tiny, faraway democracy began its break from limp socialism. It was the most ambitious assault of any Western nation on the system of entrenched privileges that had made an elite rich and resulted in reduced opportunities for everyone else.