Five industries at the heart of New Zealand’s “prosperity map”
To mark the launch of Deloitte Access Economics in New Zealand, a new report entitled Shaping our slice of heaven: Industries of opportunity was released in Wellington last night.
The report identifies five industries with the greatest opportunity to contribute to New Zealand’s future economic prosperity. The industries lie at the intersection of global growth and national comparative advantage, forming the heart of New Zealand’s “prosperity map”. These industries of opportunity are tourism, agribusiness, food processing, international education and advanced manufacturing.
Each of the five industries is expected to achieve above average global growth over the next twenty years, in a large part due to the rise of the middle class in emerging economies, in particular the Asian powerhouse economies of China and India. Consumers in these countries, and around the world, want many things New Zealand can offer – excellent agricultural and food products, high quality education, the latest health technologies and unique tourism experiences.
Shaping our slice of heaven: Industries of opportunity analyses where global opportunities and New Zealand’s advantages will coincide to create growth opportunities for the economy. Recognising that New Zealand’s prospects are as bright as they were a decade ago is not in itself enough. The report asks how New Zealand companies, industries and government can work together to apply these insights and take a longer-term view around how to ensure future economic prosperity.
Deloitte Access Economics lead partner in New Zealand Linda Meade says the report is a call to action.
“The core message of the report is that while global or domestic opportunity and structural advantages are necessary, they are not sufficient. To ensure success, we need to build on New Zealand’s areas of advantage to maintain and improve performance relative to global competitors,” says Ms Meade.
“We need to seize the day - there are plenty of competitors waiting in the wings if we are complacent,” she warns.
Ms Meade says Deloitte is very pleased to be launching Deloitte Access Economics in New Zealand and she expects strong growth in economic advisory as a key component of Deloitte’s client services.
“Demand for expert knowledge and industry experience in economic advisory services has grown for some years now. Growth has been driven by the pace of business and regulatory change and the value inherent in understanding the economics that drive these changes, at national, state, industry and enterprise levels,” says Ms Meade.
Since forming as Access Economics in 1988, and joining Deloitte in 2011, Deloitte Access Economics has experienced significant growth. They are now a team of 160 professional economists across New Zealand and Australia and are the leading Australian economic advisory practice.
Canberra-based Deloitte Access Economics Lead Partner Stephen Smith says Deloitte Access Economics has deep specialist skills across macroeconomics, microeconomics, health economics and social policy, and competition and regulatory policy, and a strong commitment to delivering client value when it comes to providing insights and advice.
“Our team’s success in combining deep economic rigour with practical commercial advice is helping to shape conversations around any number of social, political and business issues, deliver business insights and inform investment strategy in Australia – and now here in New Zealand,” says Mr Smith.
You can download or read Shaping our slice of heaven: Industries of opportunity at www.deloitte.com/nz/slice-of-heaven.
You can learn more about Deloitte Access Economics in New Zealand at www.deloitte.com/nz/economics.