How did the New Zealand economy change in the 1980s?

How did the New Zealand economy change in the 1980s?

The government of New Zealand began implementing revolutionary economic reforms, most significantly related to trade policy. In the mid-1980s, New Zealand was facing an economic crisis, with its domestic market and international trade both heavily regulated. Unemployment had reached 11 percent, and inflation was a sky-high 15 percent.

Why is New Zealand in a recession?

New Zealand is in its deepest recession in decades, following strict measures in response to the Covid-19 pandemic which were widely praised. The country’s GDP shrank by 12.2% between April and June as the lockdown and border closures hit.

Why was unemployment so low in New Zealand before the EEC?

Prior to the economic shock created by Britain’s decision to join the EEC in 1973, which removed the UK as New Zealand’s primary market for exports, unemployment in New Zealand was very low.

How did New Zealand liberalise the economy?

In a process often referred to in New Zealand as Rogernomics, successive governments introduced policies which dramatically liberalised the economy. In 2005 the World Bank praised New Zealand as the most business-friendly country in the world. The economy diversified and by 2008, tourism had become the single biggest generator of foreign exchange.