New Zealand's Growing Economy

January 19, 2011

The New Zealand economy is set to grow over the next year thanks to its astounding rebound from recession on the back of sports tourism boosts and earthquake reconstruction. With the unemployment steadily decreasing and commodity export prices increasing it seems that the growth won’t be halted any time soon.

The work force is currently growing thanks to the rebuilding work needed after a magnitude 7 earthquake struck Christchurch city and is pushing the unemployment rate down. Coupled with the Rugby World Cup being held in the country, bringing 85,000 visitors and an estimated NZ$500m in tourism spend it seems that the economy is going to thrive over 2011.

The Rugby World Cup has been the source of increasing government investment as well as the creation of new jobs, helping to further battle the unemployment rate. In two major cities, Auckland and Dunedin, there has been a total investment of NZ$370 million to build new stadiums, stands, transport facilities and tourist attractions that have created hundreds of jobs for the New Zealand population. The event has also seen a welcome increase in the number of overseas investors gaining entry to the country to take advantage of the business opportunities available, further boosting the country’s economy.

The boosting economy is showing a number of positive signs to both investment migrants and skilled workers. A growing number of business and job opportunities are accelerating the growth of the economy as well as the number of migrant applications to the country. The growth is expected to rise to 3.4 percent, doubling over the course a year and presenting numerous job opportunities to those wishing to immigrate to New Zealand.

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