Another day, another report on the ongoing failure of the global economy – “Stagnation until 2017 tipped for world’s economies“. Despite the massive bail-out from government / tax payers, our current systems (designed to enrich the 1%) are not delivering. Perhaps it’s time for a new paradigm, a more equitable distribution of wealth, and a recognition that we have to work within environmental constraints instead of trampling all over them. Yeah I know – never going to happen.
Anyway, buried in the fine print of the above linked article are some interesting snippets on NZ as assessed by “international credit reporting agency Dun and Bradstreet (D&B)”:
New Zealand has not been downgraded since March 2011, and emerged from 2012 with a D&B rating of low risk, arising from a small degree of uncertainty associated with expected returns and a strengthened banking sector.
In a global context we are “low risk”, thanks to the good position that the last Labour government left us. But…
D&B said that despite New Zealand’s relative safety, its overall risk profile was classified as “deteriorating” owing to a decline in some export prices and a rise in the unemployment rate to a 13-year high of 7.3 per cent late last year.
Downgraded in March 2011 and currently deteriorating. Good work National.