September 13, 2023
1 min read

New Zealand’s Economy Shows Signs of Recovery

New Zealand continues to feel the ongoing ripples of the economic shock from the global pandemic…reports Asian Lite News

New Zealand’s economy is “turning a corner, but the challenges remain very real”, according to the Pre-election Economic and Fiscal Update released on Tuesday.

The country’s economy is turning the corner with projected growth meaning no recession, wages ahead of inflation, and more people in work, even as the impact of challenging global conditions and the North Island Weather Events weigh on the government’s books, Xinhua news agency quoted Finance Minister Grant Robertson as saying.

New Zealand continues to feel the ongoing ripples of the economic shock from the global pandemic.

Earlier this year, the country also experienced its second-largest natural disaster, Robertson said.

This has been reflected in the government accounts.

While core tax revenue was NZ$3.9 billion ($2.31 billion) higher than last year, it was NZ$2.9 billion behind where Treasury had forecast it to be in May’s budget, he said.

The country’s debt levels are among the lowest in the world and well below the government’s debt ceiling of 30 per cent, the Minister added. 

ALSO READ-UAE, Brazil Exchange Knowledge, Expertise In Economy

Previous Story

Fear of riots as protests over power tariffs intensify in Pakistan

Next Story

House Speaker Orders Impeachment Inquiry into Biden

Latest from -Top News

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of

India Eyes Supply Chain Shift

India’s electronics manufacturing sector is undergoing a remarkable transformation, positioning the country as a major global hub for production and supply chain diversification. Riding on favourable government policies, geopolitical tailwinds, and a

Carney Confirms May 6 White House Visit

Canadian Prime Minister Mark Carney will travel to Washington on May 6 for a high-stakes meeting with US President Donald Trump, just days after taking office following a contentious federal election. Speaking

Rubio Backs AfD, Slams Berlin

US Secretary of State Marco Rubio has strongly criticised Germany for officially classifying the far-right Alternative for Germany (AfD) party as an extremist organisation, accusing the German government of undermining democracy under

India Bans All Pakistan Imports

In a sharp escalation of diplomatic hostilities, India has banned all direct and indirect imports from Pakistan with immediate effect, following the brutal terror attack in Jammu and Kashmir’s Pahalgam region that
Go toTop

Don't Miss

Sanctions on Russia may throw up economic opportunities for Indian space sector

He added that the Indian Space Research Organisation (ISRO) should

Jaishankar meets Indian diaspora in New Zealand

While inaugurating the new Indian High Commission Chancery in Wellington