Economy of New Zealand
Actually the country of New Zealand is very prosperous, modern and very developed market economy of the world. The dollar of the New Zealand is known as Kiwi Dollar and is basically the currency of the New Zealand. The dollar of New Zealand also circulates in the islands of Cook that are Tokelau Island, Pitcairn Island and Niue Island. In the year 2010, this country was ranked as the third most developed country of the world.
There are many extractive industries in New Zealand that contributed very strongly to the economy of the New Zealand that include industries of flax, sealing, kauri gum, whaling, timber and gold. There best diary products were exported to Britain with the development of the refrigerated shipping that helps to make the dairy products to remain freeze for long time.
There is also very high demand for most of the agricultural products of New Zealand in the US and in UK. In this way New Zealand achieved very high living standards then other countries of the world that include Western Europe and Australia in 1950’s and also in 1960’s. When UK joined other European communities then the export of the new Zealand was reduced to very low because of many factors that includes oil factor in the year 1973 and energy crisis in the year 1979.
After these crises the living standards of the New Zealand fell behind the living standards of Western Europe and Australia. In the year 1991 and 1992, the unemployment peaked of the New Zealand was above 10 percent because of the crash of the share market in the year 1987 but fell down a record low 3.5 percent in the year 2007. In the year 2009, the unemployment peak was 7 percent and the rate of unemployment in youth was 17.5 percent in the month of June of 2011.
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