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ROB MacCULLOCH: NZ Media spins the IMF GDP figures in Labour's favor

NZ Media spins the IMF GDP figures in Labour's favor and grossly misleads Kiwis a day before voting


Probably because some reporters receive this Blog, Newshub today picked up on the IMF's latest GDP growth figures. This is how they report it:


"NZ's economy is at 1.1 percent annual GDP growth, which the IMF predicts will drop marginally to 1 percent next year. To see how Aotearoa ranks against other countries for economic growth in 2024, Newshub analyzed GDP growth percentages across 25 different economies & compared them to 2023's figures (with the change in brackets). Macao came out on top with a whopping 27.2 percent GDP growth prediction for 2024, while Equatorial Guinea was at the bottom of the list, estimated to shrink by 5.5 percent. Aotearoa is near the bottom of the annual GDP growth list. However, so are many advanced economies NZ compares itself to including Germany, Japan, Finland and Australia".


What a disgraceful biased piece of junk reporting. First, Australia beats us easily on GDP growth in 2023-24. Second, who "compares" NZ to Germany? Was NZ dependent on Russian gas to run our industrial base, like Germany was, and which Putin turned off, handing them an extraordinary economic shock? Third, the IMF ranked NZ as 180th out of 189 nations, an appalling ranking. There are only 9 nations in the world worse than NZ. There's no reason to justify how Newshub chose their 25 "different economies". On their weird arbitrary list NZ ranks 19th out of 25. Not amazing but not too bad, voters must think. Here's Newshub's bizarrely selected GDP growth table from top to bottom:


Macao; Libya; India; Kenya; Samoa; Ukraine; Nigeria; West Bank-Gaza; South Korea; Switzerland; Chile; Canada; Brazil; US; France; Australia; Japan; Finland; New Zealand; Belgium; Germany; Austria; Italy; UK; Guinea.



Newshub took a tiny subset of 25 countries (representing only 13% of the 189 countries the IMF collected data on) but included on that list nearly all the countries that did worse than NZ (6 out of 9) and yet threw out nearly all the countries placed ahead of us (keeping just 18 out of the 180). Yes, Newshub's list includes most nations worse than us, yet just 10% of the better performing ones. Why not simply report our global ranking of 180th out of 189?


The IMF ranking is proof of how the PM & Finance Minister screwed up, squandering Kiwis' amazing sacrifices & victory over the virus during the 2020-21 Covid lockdowns, to snatch an unnecessary economic defeat for the people. Hipkins wrecked our economy by paying billions to big business (Fletchers grabbed $70 million), by making it illegal for anyone to sell food other than the supermarket duopoly during those times, by throwing cash at the big banks through schemes like funding-for-lending, printing money, worsening inequality, entrenching monopoly powers & creating the cost-of-living crisis. The IMF's economic figures provide the evidence but NZ Big Media won't report it.


Does our Media Establishment have a political agenda? Is it trying to swing the election by not reporting the facts? Is our big media beholden to politicians & business in ways we don't know? Why doesn't Newshub write the headline that when the PM told Mike Hosking two days ago that NZ was growing faster that "every country other than Japan" it was nonsense.


Sources:





Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at Auckland University. Rob blogs at Down To Earth Kiwi



3,148 views79 comments

79 comentários


I agreed with everything else you said Robert, but your claim about Putin "turning off" the gas to Germany shows an extraordinary ignorance when it comes to your perception of global geopolitics. ... quoted... "Was NZ dependent on Russian gas to run our industrial base, like Germany was, and which Putin turned off, handing them an extraordinary economic shock? "

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basilwnz
basilwnz
14 de out. de 2023

Well everyone, here we are October 14, D-day so to speak. I have greatly enjoyed reading all your opinions, reasonings and everything else in between. It has been thought-provoking at times, and occasionally I've heard something right out of left field.

I've appreciated it all, and tonight, whether it's to celebrate or commiserate, I'll be opening a bottle of something decent.

Cin cin - see you on the 'other side'.🥂


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basilwnz
basilwnz
15 de out. de 2023
Respondendo a

Oh, I suspect they will appear Charlie - hopefully nothing to do with those we voted for though. I imagine that the obese public service is going to be a challenge for a start.

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A low turnout on Election Day?


Extracts from two top commentators -


"A hollow election and the resulting low turnout is likely to be especially bad for the parties of the left. Traditionally, lower socio-economic and younger voters are the first to turn away from the electoral process, while richer and older voters can be more assured of casting their votes.

Will the authority and legitimacy of the incoming government be reduced by being elected on a meagre turnout?" KM comment -Traditionally? Maybe not this election...


"The fewer votes that are counted, the weaker the credibility of the winners and the democratic system. If voter turnout drops to its lowest-ever figure, it should be read as a sign that something…


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I think most New Zealanders want to be rid of these extreme people that we have experienced with the last government and it's sidekicks the Greens and the Maori Party. We don't need to be world leaders with the covid response, climate change, the highest representation of gay people in our parliament, the most extremely liberal abortion laws, the most woke at promoting a language hardly any of us speak or twisting our young ones education so that they will now find it extremely hard to get a prestigious job overseas, like previous generations with great all-round education have.


I personally don't want to be represented overseas by people like Jacinda Ardern spouting her divisive nonsense or Mahuta as our…


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basilwnz
basilwnz
14 de out. de 2023
Respondendo a

Impressive - I'd love to see her in Parliament and making a difference (versus the uselessness that's been going on these past years).

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tom.gollop
tom.gollop
12 de out. de 2023

Now is not only the time to rid nz of labour but to bury the media with them.

nz herald sent me an offer of $2.00 a week to subscribe , I wrote back I have already subscribed as a taxpayer.?

Tommy G.

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