yes NZ has a relatively high GDP but their balance of payments , (amount they export compared to what they import which includes interest payments is out of wack and getting worse.
Despite record prices for its primary products mainly dairy, meat and wood , NZ is putting on tab massive debt as a country , which at some point has to be paid back , or it becomes another Greece or Argentina .
The current Govt there has not helped with big increases in public sector spending , which has three main effects , 1. increased non productivity from govt workers that could otherwise be in the private sector producing , 2 inflation , and 3 hurting the balance of payments .
The higher global interest rates which NZ has foolishly on short terms , coupled with a depreciating exchange rate makes that debt harder to service as well
