Economy of New Zealand

New Zealand is not only unique in location, topography, geography and history, but the land has also gone on record as a stable economy, despite variances. The market based economy of New Zealand is largely dependent on international trade. Its trading partners mainly comprise of Australia, the United States of America and Japan. The economy is influenced and dependent on tourism and agricultural exports. The role of manufacturing and high-tech components in the market economy of New Zealand is negligent. New Zealand has been credited with being the most business-friendly country in the world!
Traditionally, the economy of New Zealand was influenced by the trade in wool, meat and dairy products, forest products, fruit and vegetables and fish, which resulted in the New Zealanders enjoying a high standard of living, due to the increasing demand for the products.

The government of New Zealand has addressed economic restructuring and in the process has replaced the essentially agrarian economy largely dependent on the British market based on concessions with an industrialized and free market economy.
New Zealand benefited by the reforms under the Uruguay Round of trade negotiations. Agriculture and the extensive dairy sector saw many new long term trade opportunities materializing. The hydroelectric power and natural gas reserves of New Zealand are exploited primarily due to the Keynesian Import Substitution industrial projects. In the manufacturing sector there is food processing, metal fabrication works and wood and paper products produced in sizeable amounts. Some other manufacturing industries previously included car assembly, but it has now completely disappeared.

The economy of New Zealand is overall perceived as a successful one. The nation does face some challenges too, like the income levels that were celebrated as ‘above that of Western Europe’ prior to the depression of the 1970s, which has not recovered. The GDP of New Zealand, per capita, is less than 60 % of the existent figure in the United States of America! The larger proportion of the population of New Zealand is known to live well within very modest incomes and income inequality is on a high.
New Zealand also goes on record with a large deficit of 9% GDP, in spite of its public debt of only 21.2%, as on record in 2006. This is smaller in comparison to quite a few developed nations. The market economy of New Zealand is led by the foreign currency income from agri based exports and tourism. However, the amount cannot compare to the imports of advanced manufactured goods. There is a desperate need for manufactured goods in New Zealand to help sustain the free market economy. New Zealand also goes on record as having a national debt that has touched the $182 billion mark, with a $45000 per person further break down. This national debt is beyond the public debt and has increased manifold between 1984 and 2006. Nevertheless, the topography and the location on the globe keep attracting tourists from all around the world and the economy is geared to accommodate and earn from the boost in tourism, more than ever before.

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