The IMF has reported how much GDP is growing in 195 countries across the entire world. New Zealand is stagnant, at 0%, whilst nearly every other country is surging ahead. For 2024, Tables A1 to A5 (in the link below) show our ranking is 184th out of 195 countries. There are 11 nations doing worse than us: Argentina, Finland, Slovak Republic, Estonia, Haiti (civil war), Kuwait, Sudan (civil war), South Sudan (civil war), Yemen (civil war), Ireland (that has until this year been one of the world's fastest growing economies) and Austria. In terms of our Current Account balance, measuring exports minus imports as a fraction of GDP, we are 3rd lowest out of 41 developed nations, with Greece and Cyprus below us.
Ironically, the three gentlemen & one woman most responsible for this situation are former Finance Minister Mr Grant Robertson, now Vice Chancellor of Otago University (all previous VC's had the "Doctor" title), paid $624,000; Reserve Bank Governor, Adrian Orr on $830,000 whose contract was renewed by Robertson; together with former PM Ardern, recently knighted in Windsor Castle, and busily ploughing carbon emissions into the atmosphere courtesy of back-to-back long haul flights; as well as former PM, now Opposition Leader, Chris Hipkins, who is trying to be New Zealand's next PM. As for the Otago University Professors who wrote in the British Medical Journal how NZ's Covid policies went hand-in-hand with amazing economic outcomes (even though none of them had studied economics) maybe they should retract that paper. For the lot of them, talk about pay (and status) for (non) performance.
Sources:
https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024
Sources:
https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024
Professor Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at Auckland University. He has previously worked at the Reserve Bank, Oxford University, and the London School of Economics. He runs the blog Down to Earth Kiwi from where this article was sourced.
9 comments:
Statistics that our MSM have failed to capture.
Grim.
Not surprising, they are always looking the other way ...
The NZ Government has to lead , not procrastinate .consult and report . Ministries that are NOT assigned to production have to close. NZ can just sit on the fence with Climate Change and close the Ministry completely for a start . The Waitangi Tribunal and the plethora of Maori hang ons must be closed , NOT reduced or dismantled CLOSED. We can all happily be New Zealanders.
Under Luxon ( and others) , the Waitangi Tribunal will never close.
Although a slow start, hopefully this govt, will continue to free people from WOFTAM govt./council/consultant/regulatory/QUANGO/TOW industry jobs, so that they can move to some that contribute to the nation's GDP.
GDP is a dubious measure. If we all learned obsolete te reo from paid tutors it would increase. i spend a lot of time on property and vehicle maintenace; because unpaid not counted. Paid cone watcing (whilst watching porn on the phone) contributes. Bulldozing a house and paying to dump contributes. etc. Third world countries in Asia make cars for their GDP.
Maximum Saturation occurs when the already debt saturated environment must now be fuelled with parabolic debt just to keep functioning. The first sign of “maximum saturation” is worldwide inflation- which is exactly what we have now. So, to keep the already debt saturated system going, central banks must now work in concert to massively suppress rates and therefore dramatically devalue the currency. Ultimately this maximum saturation condition cannot be overcome, and an eventual lock-up of the credit/debt markets will occur.
Today the number one buyer of DEBT is world central banks.
Today the number one buyer of GOLD is world central banks.
Central Banks Gone Wild. They themselves are betting against their own system which we are forced to participate in.
The Luxon Government is working a breakneck speed to fix NZ. Here are a few wins off the top of my head.....
- Inflation tamed (this is a big one),
- Infrastructure plan and investment,
- school lunch costs reduced to $3,
- a proper banking inquiry showing Aussie Bank Chiefs sweating under intelligent interrogation (another big one and i look forward to supermarkets feeling the heat in the near future),
- a potential trade deal with India,
- disastrous temporary housing fixed,
- successful raids on gangs,
- a successful tax cut,
- sentencing and fines beefed up,
- breath testing stepped up,
- consequences for youth justice inmates climbing on roofs,
- the removal of race based policies without inflating racial tension,
ITS TIME FOR PEOPLE TO STOP WHINGING AND RALLY BEHIND LUXON'S COALITION.
DO YOU REALLY WANT CHRIS HUPKINS LEADING THE COUNTRY? HE IS YOUR ONLY AKTERNATIVE!
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