New Zealand is experiencing a slowdown in population growth, with thousands of people leaving the country in search of better opportunities. Despite being ranked as one of the most desirable places to live and work, factors such as slow economic growth, high living costs, and a housing crisis have prompted a mass exodus.
In the past year, over 130,000 people have left New Zealand, with Australia being a popular destination. The lure of higher incomes and more affordable living costs across the Tasman Sea has been a driving force behind this trend.
This demographic shift has raised concerns among policymakers, with the Reserve Bank warning of a potential brain drain as more people depart the country. The central bank has noted that slowing net immigration, along with government austerity measures, could dampen demand in the economy.
While the current trend may continue in the short term, the Reserve Bank predicts that as labor market conditions improve, there may be a resurgence in immigration to New Zealand. Despite the challenges, the allure of overseas experiences and better opportunities abroad continue to draw Kiwis away from their homeland.
© 2024 AFP