New Zealand
Economic Characteristics
New Zealand is a developed country that has a comparatively small and open economy that is based upon free market principles. In fact, the Heritage Foundation has rated New Zealand with an economic freedom score of 82.1, which makes it the third freest economy in the world in the 2015 index (The Heritage Foundation, N.d.). Some of the factors that have allowed New Zealand to achieve this level of economic freedom include a well-established rule of law, the lowest corruption reported in the world, strong property rights (including intellectual property), efficient regulations, an efficient labor market, and a relatively open financial sector. Prudent regulations allowed firms to withstand the global financial turmoil with little disruption; including the economic recession of 2008 which it recovered fairly quickly from.
Another interesting fact about the New Zealand economy is that it is heavily export oriented. In fact, New Zealand has a very export-driven competitive economy with exports accounting for about 30% of GDP (New Zealand, N.d.). The top exports are milk powder, butter, and cheese along with meats and natural resources. The GDP breakdown of the country is as follows:
https://www.newzealandnow.govt.nz/investing-in-nz/opportunities-outlook/economic-overview
Cultural Traditions
New Zealand has an extraordinarily rich culture given the unique mix of peoples that live in the country. There are actually three official languages that are accepted in the country -- English, Maori, and NZ Sign Language...
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