Could New Zealand’s GDP be higher relative to other OECD countries? Could it be around 10 percent higher relative to Australia? And what might that mean for thinking about the New Zealand economy and its changing fortunes? As this paper outlines, Statistics New Zealand, like other countries including Australia, regularly changes its measurements.
This greater responsibility is driven by the capability of the central banks among regulators and public institutions to perform the intended task. Central banks have robust frameworks for macroeconomic analysis, and in India, the Reserve Bank has the responsibility for micro-prudential supervision of banks and non-banking financial companies.