People are leaving New Zealand in Historic Numbers due to the country’s failing economy.

People are leaving New Zealand in Historic Numbers due to the country’s failing economy.

People are departing New Zealand in historic numbers as unemployment climbs, interest rates stay high, and economic development slows, according to government statistics.

According to Statistics New Zealand data, 131,200 persons left New Zealand in the fiscal year ending June 2024, which is the provisionally highest annual departure rate on record.

According to the data, 80,174 of those departing were citizens, nearly doubling the number recorded previously to the COVID-19 pandemic.

The New Zealand economy is struggling after the central bank raised cash rates by 521 basis points, the most extreme tightening since the official cash rate was implemented in 1999.

Sources:

www.straitstimes.com/asia/australianz/people-leave-new-zealand-in-record-numbers-as-economy-bites

www.staradvertiser.com/2024/08/13/breaking-news/people-leave-new-zealand-in-record-numbers-as-economy-slows/

www.msn.com/en-us/money/other/new-zealand-sees-record-emigration-amid-high-unemployment-and-economic-slump/ar-AA1oKfSi

www.news24.com/fin24/economy/people-leave-new-zealand-in-record-numbers-as-economy-bites-20240813

h/t DOORBERT



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