Immigration- A Key to Ending New Zealand Recession, Says Economists

A recent report highlighted that economists warned that New Zealand will suffer because of the slash of immigration rate due to recession. New Zealand reportedly slowed down the immigration intake because of the rising unemployment rates as it has risen at its high in past 6 years with a percentile of 5. As it is known that New Zealand is dealing with the impacts of recession and its chances of recovering appear small and as expected by the International Monetary Fund it is further going to slump by 2% this year.

The hard hit industry by recession in New Zealand is especially that of construction and however, the Trade Unionists argued that the government should reduce the skilled immigration rate to protect their work. Although the economists think of it as a short sighted view as great economists like Phillippe Legrain from Britain said, “New Zealand needs to prepare now for economic recovery by keeping immigration strong. He says that new immigrants are a lifeline to the world economy and a "launch pad" for recovery”. “Different people, with different experience, different ideas, different perspectives sparking off each other can create new solutions to problems, can help to innovate and it is precisely in a recession that businesses need to innovate in order to be prepared for the recovery,” he said.

The New Zealand Prime Minister, John Key however favours Skilled Immigration and resists the calls to scale back immigration as he is of the view that skilled foreign workers would help the country to emerge strong and recover from the impacts of recession. The Skilled Immigrants in New Zealand usually comes from Britain, China and Australia with some proportion of them coming from India.
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