Consequently, exports have declined and the economies of the NIEs and the ASEAN countries have decelerated somewhat as well. Asian emerging economies are leading the global economy, and the Bank’s baseline scenario is that these economies will gradually recover, supported by buoyant domestic demand.
In purchasing power parity terms, even with current national accounts measurement, actual individual consumption per capita is only about 20 percent higher in Australia than in New Zealand. This incidentally supports our view that New Zealand’s GDP is currently being understated. It is also worth noting that common living standard comparisons use GDP or GNI per head of population.