... or maybe we're short of capital, and over-endowed with regulation?
If there is one graph that symbolises the relative economic decline of NZ [says Robert MacCulloch], then I believe it is the one below. It measures NZ GDP per capita from 1990 to 2022, and compares it with all other nations in our Asia-Pacific region. ...
The scale is logarithmic for a reason. It gives you a measure of the percentage increases in GDP per capita in NZ compared to other nations. Every single year over this 35 year period, as far I can see from eye-balling the graph, with the exception of 1998-99, NZ's percentage rise in GDP per capita has been way lower than the average. When I was in my 20s in the 1990s, NZ's GDP per capita was about 6 times the average in the Asia-Pacific region. As of 2024, our GDP per capita is only about 2 times the Asia-Pacific average. Give it another decade or two, and there won't be much difference - the rest of Asia will be richer than us.
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