Asia Bizz: New Zealand Economy In Trouble After Major Earthquake
Prime Minister of New Zealand, John Key, stated that economic recovery of the country can be hampered due to the recent earthquake. It is a disruption in the national and domestic economy for a short term in the nations financial future. The quake has caused serious destruction in the city’s infrastructure and transport, and as because of this it is hampering the economy of the country.
The Prime Minister stated that the economy will start to recover soon as everything seems to be on track. The New Zealand economy had seen the last two quarters of little positive growth, after being plunged for 18 months in recession.
An earthquake of a magnitude of 7.1 hit the region of Christchurch, New Zealand last week, on of the worst ever to strike New Zealand. The earthquake has damage a lot of private and government property and has now become a point of concern. About 430 houses and some 70 buildings have been seriously damaged due to the quake.