N.Z. debt, G.N.P. compare badly
PA Wellington The New Zealand overseas debt compares badly with some of the world’s economic “basket” cases, according to figures given by the Labour Party. The figures, from the latest survey by A.8.E.C.0.R., an association of overseas banks, show that, as a percentage of gross domestic product, New Zealand’s total public and private debt was 62 per cent. That was higher than Argentina, 31 per cent, Mexico, 48 per cent; Brazil, 29.5 per cent; and South Korea, 55 per cent. Chile’s ratio of debt to gross domestic product was
higher than New Zealand’s at 68 per cent. New Zealanders owed $4468 (SUS32IB) a head compared with Argentina at SUSI3S9 a head; Mexico, SUSU29; Brazil, SUS67O; Poland, SUS6BI; South Korea, SUS94I; and Chile, SUSII3S. Labour’s spokesman on finance, Mr R. O. Douglas, said New Zealand was alone in the developed world as far as its total public and private overseas indebtedness was concerned. He said that the Prime Minister, Mr Muldoon, was personally responsible for the huge amount of borrowing done during his time as Minister of Finance.
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Press, 1 December 1983, Page 20
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182N.Z. debt, G.N.P. compare badly Press, 1 December 1983, Page 20
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