Thursday, October 24, 2013

New Zealand economy on the rebound

After five years in the doldrums the New Zealand economy may be on the rebound. Economists are predicting GDP growth of 3% or more and even the IMF expects growth to pick up to 2.9% - ahead of our Western trading partners (including Australia) and not far behind Asian nations like South Korea and Singapore. The rebuild of the quake-devastated city of Christchurch (home to the current SCAPE Biennale) is one of the major economic drivers, along with a booming dairy industry and better than expected growth in the Chinese economy (New Zealand's second largest trading partner, after Australia).