The New Zealand economy is experiencing stagnant growth, ranking near the bottom of the 190 countries tracked by the International Monetary Fund, according to Professor Robert MacCulloch from the University of Auckland Business School.

"The economy is stagnant, and it's presently experiencing one of the lowest GDP growth rates in the entire world," Professor MacCulloch said.

Finance Minister Nicola Willis has been criticised for her handling of the economy.

Despite promising change, her government's reforms have been limited.

International tourism has yet to recover to pre-Covid levels.

Professor Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at the University of Auckland Business School.

Professor MacCulloch noted that inflation, although lower, has been decreasing globally.

"Willis' tweak of the Reserve Bank Act had nothing to do with the drop here," he said.

The government's efforts to reduce red tape and regulation have been underwhelming.

The Department of Regulation, led by Act leader David Seymour, has made little progress, and Willis' new Social Investment Agency has done little more than rebrand.

"National has no room to move on taxation," Professor MacCulloch said.

"They've only tweaked the system, adjusting tax brackets to account for inflation."

The government's housing reforms have also been criticised for offering less of an increase in supply than previously proposed.

The reforms focus on building out into green fields rather than increasing density in urban areas.