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Contemporary New Zealand has a majority of people of European origin, a significant minority of Maori, and smaller numbers of people from Pacific islands and Asia. In the early 21st century, Asians were the fastest-growing demographic group.--->[[The People of New Zealand|>>>Read More.<<<]] | Contemporary New Zealand has a majority of people of European origin, a significant minority of Maori, and smaller numbers of people from Pacific islands and Asia. In the early 21st century, Asians were the fastest-growing demographic group.--->[[The People of New Zealand|>>>Read More.<<<]] | ||
==Economy of New Zealand== | |||
*Economy - overview: | |||
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 boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending. | |||
'''[[More on Economy of New Zealand]]''' | |||
New Zealand’s economy is developed, but it is comparatively small in the global marketplace. In the late 19th and early 20th centuries, New Zealand’s standard of living, based on the export of agricultural products, was one of the highest in the world, but after the mid-20th century the rate of growth tended to be one of the slowest among the developed countries. Impediments to economic expansion have been the slow growth of the economy of the United Kingdom (which formerly was the main destination of New Zealand’s exports) and its eventual membership in the European Community (later the European Union) and the high tariffs imposed by the major industrial nations against the country’s agricultural products (e.g., butter and meat).--->[[More on Economy of New Zealand|>>>>Read More<<<<]] | |||
'''[[Energy of New Zealand]]''' | |||
'''[[Transportation of New Zealand]]''' | |||
==Government of New Zealand== | ==Government of New Zealand== | ||