Amongst the economically free countries, New Zealand ranks 3rd globally due to its ongoing advancement, mixed economy and beneficial policies. With respect to its size, New Zealand’s GDP is larger than its population. The country’s economy is far better developed than most nations but amounts little in the global scenario of finances. The internal economic policies are greatly profitable to the national GDP.
The major industries, much like Australia are mining and manufacturing, along with construction and other growing sectors following closely to rise amongst the top. When COVID-19 struck the nation, the government declared a hard lockdown with about 100 discovered cases and followed an elimination strategy. Early and sudden measures put the nation into a frenzy and made it hard for economic predictions to come about until the third quarter when the boundaries around the nation relaxed and the sharp decline was followed by a sharp rise.
It has become one of the most talked-about economical bounce back as fiscal policies and government spending have put a V- shape on the economy growth graph starting from the beginning of lockdown and until the end of the year. Quick actions have reduced the economic damage as well but the complete lockdown of global travel has hit the tourism hardest. One sector that has been able to survive in the IT sector.
IT services are the third largest export services in New Zealand and continue to grow. Technology is integrated with other sectors of industry in the country and has been expanding gradually. The effect of the pandemic has been surprisingly a surge in demand for this sector, not just by businesses but by the government itself. The establishment of the Digital Council speaks for itself. New Zealand, from early on, has been seeking the most viable technological solution to support its economy during the year 2020 and forth.
The new focus has been on supporting and promoting tech ecosystems, and to move towards innovation as the response to tech exports of New Zealand has been well received. The government has taken into considerable account the impacts of the pandemic on the IT industry.
In conclusion, the government has actively worked to soften the blow in order for IT industry to providing unhindered service to other business; the special focus has been on small and medium businesses and their conversion to cloud systems while supporting giant enterprising to stay afloat with minimum inflation.