AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Concerns about New Zealand productivity after new report.
- Product Commission Chair advices innovation to New Zealand businesses.
- Smart work over hard work, need of the hour.
Smart work has always fetched better results than hard work and New Zealand is learning about how it needs to follow the same in recent studies. The product commission is of the view that one of things that can be done in the same spirit is focussing on the export of produce that is uniquely produced in New Zealand. They said that was something that other nations the size and the economic capacity of New Zealand were already doing, and it could yield fruitful results.
Image Source: © Yellowind | Megapixl.com
Productivity in the top runners
The report revealed by the commission raises concerns about the productivity levels of the country. The report has analysed some of the top productive companies of the country, the ones which are responsible for making the most output. In relation to their size and approach, these companies are the ones that invest in innovation as well as export strategies. The report was of the view that despite the efforts being made these companies are working 45% lesser than their potential and less than their counterparts in other countries..
Also read:Budget 2021: UK economy to regain its pre-pandemic size by mid-2022, says Sunak
Also read: IMF downgrades UK economy’s forecast for 2021
Ganesh Nana, the chairperson for the Commission, said that a major reason for this discrepancy was a lack of innovation. Without some new and innovative strategies, New Zealand does not have an edge above others, and this is why is left fighting for space with lesser-privileged economies.
The status quo, so to speak, needs to change, only then will barriers be broken, new trends and technology will find its way to stay, and change come about in the productivity levels for the country eventually.
Larger firms could catapult national productivity in motion
When these large firms grow and produce effective methods to increase their output, flourish in every sense of the word, it is going to, in return, be beneficial for smaller firms to flourish under their umbrella.
Also read:IMF says global economic recovery may be fading due to second wave of virus
Bigger risks for better results
Nana further said that there could be lessons taken from Small Advanced Economies by Aotearoa. While most of the current practices seen by big Companies in New Zealand are focussed on domestic sales, the need of the hour is to take business global in ways like never before. There is a need for strategic planning and choosing areas and industries that need to be pushed forward before the others in order to achieve the best results.
