High standard of living
As well as being a great place to build a business career, New Zealand provides one of the highest standards of living in the world. Public services, including healthcare, are well-funded and efficient, while unemployment remains low across the country. It also scores highly on other indexes related to well-being, including environmental quality, civic engagement, housing, earnings, and social connections. Moreover, crime is extremely low compared to many other countries, which is just one of the reasons why New Zealand ranks as the second most peaceful nation on earth. And as for the locals, they have a well-earned reputation for being open, friendly, and inclusive.
The money part
Once you arrive, students can opt to stay in halls of residence or rent a room in a shared house. These will cost somewhere between $100-$200 a week; expect to pay around $65-75 on your weekly groceries. Monthly, pre-paid cell-phone packages are available for $19, and most cities offer discount travel tickers for students, which you can use on buses, trains, and trams.
The good news is most study visas allow international students to work up to 20 hours per week part-time and full-time during summer vacations and other holiday periods. Part-time work will definitely give your finances a boost, but it is also a great way to bolster your resume, meet new people, and experience a different side to the country.
The place to be
In addition to the country boasting top-class business schools, the economy is booming down under, making New Zealand the ideal destination for would-be business leaders and savvy entrepreneurs.
Last year’s GDP growth exceeded all expectations, swelling by 2.7% by the end of 2019. In the last quarter alone, an extra $6 billion was added to New Zealand's economy. Most importantly, the growth was spread evenly among several major economic sectors, including manufacturing, service, construction, and other primary industries. This type of holistic, sustainable growth is a good sign that the economic good times are here to stay.
Grant Robertson, the country's Minister of Finance, writes, "This shows the New Zealand economy is in good shape amid international headwinds like the US-China trade war, the uncertainty around Brexit and geopolitical tensions. [...] Alongside that, we have the lowest unemployment in a decade, the highest wage growth in a decade and increasing signs of consumer and business confidence this year. The GDP data shows the New Zealand economy enters 2020 in good shape."
The New Zealand Dollar is on the rise
2020 is already looking like a strong year for the New Zealand Dollar. Its value jumped just a few weeks into the new year and financial experts predict further rises down the line. A sustained period of strong economic growth means there's plenty of confidence behind the New Zealand dollar, which was also boosted by the signing of a major trade deal between the US and China. Mike Shirley, a financial trader at Kiwibank, one of New Zealand's state-owned banks and mortgage providers, believes the new deal will strengthen up the Chinese Yen, which will then have a significant knock-on effect through the Asian and Oceanic markets, including New Zealand's.
More people means more opportunities for everyone
Money isn't the only thing that's rising in New Zealand. Demographers expect the national population to break the five million barrier later this year, ushering in an exciting new period of economic prosperity and cultural diversity.
New arrivals are helping fill labor and skill shortages, while many come to set up their own businesses, which help stimulate the local and national economy. A booming population also encourages more overseas investments from corporations attracted by the opportunities for growth, innovation, and job creation. And if you'd like to stay and set-up your own business after graduating, then more people means more potential customers -- and therefore larger profits!
Be a part of the global economy
In today's globalized economy, international trade agreements are a vital part of encouraging financial growth and promoting opportunities for business owners and entrepreneurs.
On Jan 1, 2020, New Zealand ratified a Closer Economic Partnership (ANZSCEP) with Singapore, one of the major economic powerhouses in the East. The deal will cover new e-commerce laws and improve regulatory co-operation. It also addresses several previous trade issues, creating a more streamlined system for capital to flow between the two countries.
Singapore's Minister for Trade and Industry Chan Chun Sing says, "This modernized agreement will further reduce barriers to trade and enhance regulatory cooperation and e-commerce efforts, benefiting businesses from both our countries. I look forward to the deepening of economic relations between our countries."
Quality of life
It’s not all about work, though! New Zealand has plenty to offer for when you need a break from those textbooks. Major cities like Auckland are packed with museums, amazing restaurants, and a vibrant nightlife scene that caters to all tastes.
More adventurous types can go on watersport breaks around Lake Wakatipu near Queensland, and there are hundreds of other forests, fjords, jungles, beaches, mountains, and even volcanoes to explore. Movie fans can also visit the film locations of the Lord of the Rings trilogy, including a day out at Hobbiton, home of Frodo and the original Hobbit explorer, Bilbo Baggins. You can even pop in for a pint at the Green Dragon Inn. Just remember to watch your head - everything in Hobbiton is hobbit-sized!
Studying in New Zealand is an exciting opportunity for any would-be business student. Not only will you get an excellent education from some of the best business schools in the world, but it’s also a chance to immerse yourself in a vibrant country on the brink of a long period of major economic growth.