The first European name for New Zealand was "Staten Landt", given by the Dutch explorer Abel Tasman, who in 1642 became the first European to see the islands. The indigenous M?ori later named New Zealand "Aotearoa", which is commonly translated into English as The Land of the Long White Cloud. Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has increased real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Per capita income has risen for eight consecutive years and reached $26,000 in 2006 in purchasing power parity terms. Thus far the economy has been resilient, and the Labor Government promises that expenditures on health, education, and pensions will increase proportionately to output. Inflationary pressures have built in recent years and the central bank raised its key rate 13 times since January 2004 to finish 2007 at 8.25%. A large balance of payments deficit poses another challenge in managing the economy.