New Zealand-based business professionals like Steve Collie have started to notice an interesting trend in the country. In the wake of international economic woes, some positive news has finally come onto the horizon. This is especially pertinent in New Zealand, where it seems that economic recovery is in high gear compared to most other countries.
Behind the scenes, the guiding force behind this significant and rapid recovery comes through continued government actions aimed at improvement. Professionals like Steve Collie have seen first-hand how the workforce has rebounded with these government changes. And the good news seems to keep coming for the country.
In fact, multiple international reports are buzzing right now in their discussions about how New Zealand’s economy is booming. It’s all owing to multiple initiatives that the country’s government has taken to spur economic improvement.
One report from international outlet Channel NewsAsia discusses a few initiatives put in place to help get things moving. As the report described, new construction throughout the country has continued funneling into strong economic forecasts. In fact, as national accounts manager Gary Dunnet noted, this new construction contributed to two-thirds of the growth in the first quarter of 2014.
What’s behind this surge in construction? The answer is thanks to lucrative interest rates provided by New Zealand’s Federal Reserve Bank.
As the report noted, “A housing boom in Auckland has also spurred construction in New Zealand's largest city. Analysts said the robust growth would likely see the Reserve Bank of New Zealand continue to lift interest rates to 3.5 percent in July as part of a tightening cycle it began in March to keep inflation within its 1.0-3.0 percent target range.”
New Zealand Finance Manager Bill English remarked with optimism about the overall growth of the economy. He says that the economy’s growth showcases one of the strongest in the entire world thanks to the government actions already taken. Additionally, the country hopes to plummet the national debt level below 20 percent of the GDP by the year 2020.
In English’s words, “We are making good progress but our long-term challenge is to make the enduring structural changes needed for New Zealand to reach its economic potential.”
Even Faster Growth Ahead for New Zealand
A report from the New Zealand Herald sheds more light on the subject. Data shows that the economy grew at 3.3 percent for the first quarter – the fastest it has improved in over eight years. This reflects a sustained increase in economic prosperity, and three consecutive quarters where at least a 1 percent growth has continued.
As the report described, “Last week, the Reserve Bank hiked the official cash rate by a quarter point to 3.25 percent and said the economy's expansion had ‘considerable momentum,’ raising its estimate for growth in the first half of the year to 4 per cent from 3.5 percent.”
With these words in mind, one thing is absolutely clear: the good times are rolling in New Zealand, and they’re likely to keep rolling as well.
How Blue Collar Work Fuels Economic Growth
The government initiatives put in place have shown remarkable strength in improving the overall state of New Zealand’s economy. But looking a bit deeper, what do these initiatives look like in motion? The truth is that without a solid workforce driving the labor within the country, the economy simply would not be able to recover.
An improved workforce represents the critical component driving the economic toward this sustained growth. And the vast majority of that workforce includes blue collar, labor-based positions. As unemployment continues to reduce and new jobs appear, that blue collar labor force will continue to rise. And it’s through this particular channel that truly remarkable economic recovery becomes possible.
According to business professional Steve Collie, blue collar work has also helped fuel the economic growth within New Zealand. Collie manages a shipping company that is a subsidiary of Atlas Concrete, a family-owned company operated by New Zealanders. His work puts him directly in line with the lifeblood of economic recovery – good old fashioned hard work.
As a New Zealand native, Steve Collie reflected his warm feelings toward the blue collar labor force. In his words, “New Zealand’s economy has been successful over the last few years because of the work of the blue collar. We’re a country rich in pride, and we’re also a hard working group. From construction to sand dredging, we’re a nation of hard workers, and we’re not afraid to get our hands dirty.”
Connecting the Dots
As government initiatives related to interest rates, joblessness, and other factors continue pressing forth, even bigger changes are in store for New Zealand. Blue collar workers give the country what it needs to continue thriving and growing. And as economic prosperity enables more jobs to open up, this positive trend isn’t likely to diminish any time soon.
From the top level down to the daily labor, New Zealand is poised to remain a top dog in its economic recovery. The outlook creates nothing but positive sentiments from shipping professionals like Steve Collie to construction firms and beyond.