New Zealand predicts disappointing growth
The New Zealand government has published a new report in which it paints a gloomy picture of changing demographics over the next 50 years. The National Statistics Office has indicated that there will be changes to the operational and social climate and that people planning to emigrate to New Zealand should be aware of these facts while those who have already moved may want to consider moving on.
By 2060 it is predicted that New Zealand’s GDP growth will have slowed significantly. This will be because the country’s population is getting older and more people of working age are looking for better prospects overseas, especially in neighbouring Australia.
There are also too few immigrants entering New Zealand to take up the slack. A big concern is that those leaving home are aged between 18 and 24 and those arriving into the country are pensioners.
Those who arrived during the 1970s when the immigration rush was at its peak are now looking to retire, something that over the next two decades will put a crippling strain on the cost of welfare and result in cuts in other sectors.
Although the government recently said there would be a continuation of growth, this year GDP growth is expected to drop to 2.6 per cent.
The NZD exchange rates on 14/01/2013 were as follows: GBP NZD = 1.909, EUR NZD = 1.5885, USD NZD = 1.1875, AUD NZD = 1.2545, CHF NZD = 1.2872, INR NZD = 0.0217, AED NZD = 0.3236, MXN NZD = 0.0942, CAD NZD = 1.2069, ZAR NZD = 0.1364, RUB NZD = 0.0393, . See today's New Zealand Dollar Exchange Rate
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