Quake hits fragile New Zealand Economy
- Rescue crews search for survivors from the deadly Christchurch earthquake on Tuesday.
- The earthquake has now lowered and scared the confidence in New Zealand’s fragile economy.
- The dollar of New Zealand ( the Kiwi) dropped about 2% hours following the earthquake.
- Caused more damage and deaths then the earthquake in September that cost New Zealand $3 billion dollars.
- The Nations Budget will finally hit a surplus by 2015
- Interest Rates must be cut instead of the expected raise.
- It may not be all bad as jobs will be needed to rebuild and investment opportunities will be opened therefore helping the economy.
- Landmarks and treasured buildings like the Christchurch Cathedral are left in ruins.
- Christchurch makes up of 10-15% of the national economy and with this earthquake it will be in shut down for a few weeks
- A lot of New Zealand citizens will be taking their insurance money and relocating instead of rebuilding.
- After shocks may last 6 months causing continuous problems and hardships throughout.
Interrelated
Environmental | Political | Social/Cultural | Economic |
Buildings Destroyed causing health hazards and insufficient living environments for the people. | New Zealand's government will be facing many challenges and controversies throughout the AID and emigrants in their country. | Families are being abandoned from relocation as after shocks keep occurring. | The Kiwi ( their dollar) went down 2% following the earthquake |
Living Conditions altered and will have to relocate as their homes have been destroyed. | The issues resolving the decisions deciding on what buildings will be rebuilt and what the citizens needs are on the reconstructing of the political and religious landmarks. | Death of many people of 65 women, men, and children, therefore ending some family trees and causing psychological brands for people lasting a life time. | Their earthquake in september costs them $3 billion dollars now with the up coming earthquake is costing them more money on top of that. |
Will take an unexpected amount of time to fix the environmental damage caused by the earthquake | Heirlooms and treasured possessions are lost causing a ripple in family history. | Christchurch (where earthquake it) makes up 10-15 percent of the final National economy but now it is in a shut down for a while. | |
Currently there is 200 people trapped in New Zealand in damaged buildings with earthquakes that are rating at 5.1 magnitude causing a frantic scene through out the city of Christchurch. | New Zealand’s economy down fall will be a noticeable one but the rebuilding of the country will create more jobs and business will boom creating a boost and help in the recovering economy. |
Controversial
How Did this Issue Start? | How Should it be Resolved? |
This issue started when an earthquake hit Christchurch, New Zealand on February 21st, 2011. Causing significant damage and killing 65 people. This has now caused economic issues with there dollar decreasing and billions of dollars needing to rebuild their destroyed countries. With People leaving their country is in a lost in money and tax with lost jobs. As there economy was downshifting before the quake it has now made the issue even worse. | The loss suffered cant be resolved but can be mended over time. This can be done by Countries lending money to New Zealand to jumpstart their country. Also by providing help to the people with rescue teams and essential comfort needed it will help restore help among the people. As peoples heirlooms and family members can not be replaced this problem overall can’t be fixed but providing help to the government of New Zealand to help their much needed crippled economy. |
Complex
My Opinion
As New Zealand’s economy was already suffering before the earthquake occurred the future implications of the quake will devastate the economy for a period of time that will cause hardship on many citizens. This devastation has caused such an impact that people are taking their insurance and leaving the country to start brand new in a world they have never seen instead of dealing with the horrific consequences. With the environmental damages at hand, New Zealand will never be the same. As after effects keep occurring ( averaging at 4.1 - 6.1 magnitude) the damage only gets worse with more lives lost. This is affecting not only people, but the country as a whole. With Christchurch averaging about 10-15 percent of the national economy that will be a significant loss to the nations economy. This is going to be a moment in New Zealand’s history that will never be forgotten and will remain a fear in the citizens of this nation.
Over these past few years there has been many tragic events from the tsunami in Thailand, to hurricane Katrina, to the earthquakes in Haiti and Chili, comes another devastating event in the history of man kind. As we all know that these natural disasters can never be complete solved as traces will always be left behind and the country will never look or function the same way. Although we can provide AID services and allow the company to grow back its economy faster by lending money so it can sustain the event. This can be done by holding national fundraiser events all over the world to raise money to help the rebuilding of the country and peoples lives. Although, sadly there is a bias in the world that forgets about the developed countries and concentrates its focus’s more on the third world countries more because they need more help. But in reality every country no matter the status needs the same amount of help as the other. As the publicity and media focus was outstanding when Haiti go hit with even a song being produced by world famous artists to raise money. But when New Zealand gets a devastation with 65 people dead and 200 help captive under the rubble there is only minimal coverage for a small period of time. Even though the economy has taken a huge blow it will slowly recover as jobs will be created and money will be spent within the country to rebuild everything that was destroyed. Hopefully people around the world will take another look at the overall cause of the New Zealand’s earthquake and take more consideration into the fact that they need our help, and that they need the worlds help as it will not be an easy ride back to the normality’s that the country is use to.
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