Hows the Economy in NZ?

[msta999]

I would like to know if the economy, in NZ, is being effected by current events? Is there a big difference between now and a couple years ago? What does the future look like?

Any input on this subject would be great.

Thanks.

[MotherBear]

Apparently there is a recession in NZ as in some other countries around the world. You might pick up some info by reading some of the posts in the What's in the News category of the forum about how people are weathering the storm.

[zummerzet_lou]

The recession here is not at the same extent that it is in the UK .. at the moment! We have only been here a few months so it is kinda hard to tell - but I think the worst is yet to come.

House prices had boomed in NZ, but they are falling quite dramatically at the moment. Jobs are OK, but there are a few less advertised jobs now, then when I was applying a few months ago - although some of this may be attributed to the Xmas season.

I dont' think it's a good time particularly anywhere ... a lot depends on your motvives for the move.

[TanyaJ]

Its pretty bad. We had 3 staff members retrenched in the last couple of weeks and it doesnt look like it will improve soon.

If it were me I'd sit tight until things improve.

[MotherBear]

Treasury tips big job losses as slump bites
4:00AM Friday Dec 19, 2008
By Audrey Young

The Treasury forecasts that 68,000 New Zealanders will lose their jobs in the next 15 months.

But if the international recession worsens, it says, that figure could reach 87,000.

That would mean 162,000 unemployed, or as high as 181,000.

It also forecasts much bigger deficits than it did before the election - $11 billion within five years.

And it says financing the deficit will send Government debt soaring, from 17.5 per cent of gross domestic product to 33 per cent in five years and much, much higher beyond that.

But Finance Minister Bill English yesterday said he was not willing to accept persistently rising debt as a given.

"We are not going to let this happen," he said.

Dealing with a persistently rising burden of debt would be too big a burden for future workers.

A combination of effective management of Government spending and higher than expected growth rates would turn the debt track around, Mr English said, "and we are determined to do so".

More here.

[johnmstroup]

I think that it depends on what industry you are in. The ag and forestry sectors have been affected little, construction has been hit hard. There are lots of layoffs predicted as in most other places. All in all, I feel as though I'm in a relatively safer place in NZ as far as the economy goes. Kiwis look after their own, and look after people that have made effort to make a go of moving here, the catagory I'd be in. Things have slowed, but they haven't stopped.