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NEW ZEALAND WORLD RANK: REGIONAL RANK: Ew Zealand’S Economic Freedom Score Is 84.1, Making Its Economy 3 3 N the 3Rd Freest in the 2020 Index

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NEW ZEALAND WORLD RANK: REGIONAL RANK: Ew Zealand’S Economic Freedom Score Is 84.1, Making Its Economy 3 3 N the 3Rd Freest in the 2020 Index NEW ZEALAND WORLD RANK: REGIONAL RANK: ew Zealand’s economic freedom score is 84.1, making its economy 3 3 N the 3rd freest in the 2020 Index. Its overall score has decreased by 0.3 point, with small declines in scores for property rights, judicial ECONOMIC FREEDOM STATUS: effectiveness, and government integrity slightly offsetting an improved FREE government spending score. New Zealand is ranked 3rd among 42 countries in the Asia–Pacific region, and its overall score is well above the regional and world averages. The economy of New Zealand has ranked as one of the freest in the world over the past 25 years. Steady GDP growth reflects that outstand- ing performance. The only significant area for improvement that would lead to even more economic freedom is the ongoing problem of too much government spending. Unfortunately, progress in this area is not likely in the short term because the center-left government has announced a “well-being” budget to fund many new welfare programs. ECONOMIC FREEDOM SCORE ▼ DOWN 0.3 POINT 84.1 0 50 60 70 80 100 REGIONAL AVERAGE WORLD (ASIA-PACIFIC REGION) 61.1 61.6 AVERAGE HISTORICAL INDEX SCORE CHANGE (SINCE 1996): +6.0 RECENT FREEDOM TREND QUICK FACTS 84.2 84.4 84.1 83.7 POPULATION: UNEMPLOYMENT: 81.6 4.9 million 4.5% GDP (PPP): INFLATION (CPI): $197.8 billion 1.6% 3.0% growth in 2018 5-year compound FDI INFLOW: $1.4 billion annual growth 3.4% $40,135 per capita PUBLIC DEBT: 29.4% of GDP 2018 data unless otherwise noted. Data compiled as of September 2019 BACKGROUND: The former British colony of New Zealand is one of the Asia–Pacific region’s most pros- perous countries. Elections in 2017 resulted in a hung parliament, with the “kingmaker” and populist New Zealand First party subsequently forming a minority coalition, enabling new Prime Minister Jacinda Ardern’s center-left Labor Party to return to power. Far-reaching deregulation and privatization since the 1980s have largely liberated the economy. Agriculture is important, as are manufacturing, tourism, and a strong geothermal energy resource base. The trade war between the U.S. and China is of concern to New Zealand, especially given its heavy reliance on China for export revenue. New Zealand’s economy has been expanding since 2010. 350 2020 Index of Economic Freedom WORLD AVERAGE | ONE-YEAR SCORE CHANGE IN PARENTHESES 12 ECONOMIC FREEDOMS | NEW ZEALAND RULE OF LAW GOVERNMENT SIZE (–1.7) (–4.4) (–2.8) (No change) (+7.4) (–0.3) 93.3 79.1 93.9 71.0 57.8 98.3 Property Judicial Government Tax Government Fiscal Rights E ectiveness Integrity Burden Spending Health Private property rights are strongly protected, and New The top individual income tax rate is 33 percent, and the top Zealand ranks among the world’s top countries for security of corporate tax rate is 28 percent. Other taxes include goods contracts. The judicial system is independent and functions and services and environmental taxes. The overall tax burden well. New Zealand ranked second out of 180 countries equals 32.0 percent of total domestic income. Government surveyed in Transparency International’s 2018 Corruption spending has amounted to 37.5 percent of the country’s Perceptions Index and is renowned for its efforts to ensure output (GDP) over the past three years, and budget surpluses a transparent, competitive, and corruption-free government have averaged 0.8 percent of GDP. Public debt is equivalent procurement system. to 29.4 percent of GDP. REGULATORY EFFICIENCY OPEN MARKETS (–0.6) (No change) (–0.5) (–0.2) (No change) (No change) 90.4 86.7 87.0 92.2 80.0 80.0 Business Labor Monetary Trade Investment Financial Freedom Freedom Freedom Freedom Freedom Freedom The regulatory framework is efficient. The labor market has The total value of exports and imports of goods and services tightened after a prolonged period of record population equals 54.2 percent of GDP. The average applied tariff rate is growth. In April 2019, the Labor Party–led government raised 1.4 percent, and 243 nontariff measures are in force. There are the minimum wage to NZD 17.70 (USD 12.04); the party very few limitations on investment activity, and foreign invest- campaigned on raising it to NZD 20 (USD 13.60) by April ment has been actively encouraged. The well-developed 2021. Subsidies are the lowest among OECD countries, and financial sector offers a wide range of financing instruments. this has spurred the development of a vibrant and diversified Overall financial regulations are prudent and transparent. agriculture sector. The Heritage Foundation | heritage.org/Index 351.
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