highlights
We are talking about the economically prosperous country New Zealand.
In a country like New Zealand, people can become victims of poverty.
The country’s GDP growth has been below zero twice.
New Delhi. Many such situations arose in the year 2023 when the threat of recession deepened on the world. But, no country became a victim of recession. After the year 2024, improvements are being seen in the economies around the world, but suddenly such news has come which will blow your senses. A country in the world, which is considered very prosperous, has become a victim of recession. Technically, the growth rate of this country remained below zero for two consecutive quarters and it has been termed as recession. However, many cricket players of this country are earning crores of rupees in the Indian Premier League (IPL) being held in India.
We are talking about the economically prosperous country New Zealand. Generally people cannot imagine that people in a country like New Zealand can become victims of poverty. Statistics NZ, New Zealand’s official statistics agency, has said that the economy was in recession last year. Gross Domestic Product (GDP) declined by -0.3 percent in the September quarter and -0.1 percent in the December quarter. Not only this, the people of the country have also been hit by the decline in per capita income. New Zealand’s per capita GDP has also fallen by about 4 percent from its peak in 2022.
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The government changed but…
However, these recession figures are before the formation of the new government. But, it is a matter of concern that the threat of recession has emerged for the second time within one and a half years. In the survey conducted at the end of February this year, people shocked the old government. After the growth rate in New Zealand remained below zero, the revenue has also declined. Amidst all this, Finance Minister Nicola Willis will present her first budget on May 30.
people struggling with inflation
On one hand, the economy of the country has become a victim of recession and on the other hand, the common man is struggling with inflation. The inflation figure till December was 4.7 percent, which is a little away from the target of 3 percent of the Central Bank of New Zealand. Obviously the country will have to take the help of debt to meet its needs. However, meanwhile, bad news is also coming for the new government, because according to the IPSOS survey, people do not seem to have confidence in the newly elected government.
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New Zealand players in IPL
On one hand this maritime country is struggling with recession and inflation and on the other hand its cricket players are earning crores of rupees in IPL. New Zealand’s Daryl Mitchell has been bought by Chennai Super Kings this time for Rs 14 crore. Apart from this, opener Rachin Ravindra has been bought by Punjab Kings XI for Rs 1.8 crore. All-rounder Lockie Ferguson has been bought by RCB for Rs 2 crore. Many other players from New Zealand have also joined various IPL teams.
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Tags: business news in hindi, GDP, gdp growth, Inflation, Recession
FIRST PUBLISHED: March 22, 2024, 17:22 IST