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New Caledonia

50.8 Mid Autumn #73 of 217 · NCL · East Asia & Pacific · High income · Data: 4/7 · 2024-2024
What's Driving the Score
Base CCI (7 indicators weighted) 48.0
Hidden extraction (shadow economy, employer burden) +1.1
Resource masking (depletable resource dependency) +1.7
Total CCI 50.8
Indicator Breakdown
Each indicator is normalized to 0-100. Higher = more late-cycle pressure. The composite CCI is a weighted average plus adjustments.
Spending
- - -
Debt
- - -
Growth
-2.7% 84.6 2024
Migration
1.55/1000 46.1 2024
Governance
WGI: 0.61 37.9 2024
Fiscal Pressure
- - -
Demographic
Fert: 1.96 | Dep: 17% 32.2 2024
Spending (15% weight) - Total general government expenditure as % of GDP. Source: IMF WEO. Range: 10% (lean) to 60% (heavy state). Higher spending = further in the cycle.
Debt (12%) - Gross government debt as % of GDP. Source: IMF WEO. Range: 0-200%. Debt accumulation is how states finance extraction beyond revenue.
Growth (13%) - Average real GDP per capita growth over 5 years. Source: IMF WEO / World Bank. Inverted: low or negative growth signals extraction is suffocating the productive economy.
Migration (8%) - Net migration rate per 1000 population. Source: UN Population Division via World Bank. Inverted: people leaving is the most honest indicator - they vote with their feet.
Governance (25%) - Blended score: 30% WGI (World Bank - government effectiveness, corruption control, rule of law, regulatory quality) + 70% V-Dem Liberal Democracy Index (University of Gothenburg - executive constraints, civil liberties, judicial independence). WGI measures "does it function?" V-Dem measures "is it constrained?" V-Dem dominates because the cycle thesis is about unconstrained power. Efficient autocracies score high on WGI but low on V-Dem.
Fiscal Pressure (14%) - Interest payments as % of government revenue. Source: World Bank WDI. When interest consumes revenue, the state must tax more, borrow more, or print - the death spiral mechanism.
Demographic (13%) - Composite of fertility rate (below replacement = future worker shortage) and old-age dependency ratio (more retirees per worker = more fiscal pressure). Trajectory signal - affects the cycle in 20-30 years.
Hidden Extraction
Shadow Economy -
Social Contributions -
Self-Employment 17.1%
Spending-Revenue Gap -
Total Hidden Adjustment +1.1 pts 1/4 proxies - low confidence - scaled 2x
Official spending data understates real extraction. These proxies estimate what's hidden:
Shadow Economy - % of GDP operating outside formal taxation. Source: IMF WP 18/17 (Medina-Schneider). Brazil at 35% means a third of the economy is escaping formal taxation - but citizens still pay through embedded costs.
Social Contributions - Employer payroll burden as % of government revenue. Hidden from workers' payslips. A 22% figure means significant extraction happens before workers see their salary.
Self-Employment - High rates signal people fleeing formal employment because the extraction burden makes it unprofitable. Informal/self-employed workers still pay consumption taxes.
Spending-Revenue Gap - Difference between what the state spends and what it collects as formal tax. The gap is funded by hidden channels: forced savings (e.g. FGTS in Brazil), state enterprises, parastatal organizations, or money printing.
Resource Revenue +1.7 pts masking adjustment
16.8% of GDP
Minerals 16.8% GDP (long-runway)
Non-resource 83.2% GDP
Depletable resources (oil, gas, coal) mask the real CCI by funding the state without citizen taxation. When the resource depletes or demand shifts, the state must suddenly extract from citizens. This country's CCI is adjusted +1.7 points to account for this masking effect.
CCI Trajectory (3/7 indicators locked) +13.3 pts (2018-2025)
Spring E.Sum M.Sum L.Sum E.Aut M.Aut L.Aut E.Win 0 20 40 60 80 100 2000 2004 2008 2012 2016 2020 2024 39.6 41.3 52.9 data 3/7 0/7
— Locked (3 indicators) — Full (all available per year) ● Current CCI
The solid line uses 3 consistent indicators across all years (apples-to-apples). The dashed line uses every available indicator per year - noisier but shows the full picture. When the lines diverge, the extra indicators are pulling the score in a different direction.
Nearest Countries by CCI Score
# Country CCI Season Delta Data
71 Qatar 50.8 Mid Autumn +0.0 6/7
72 Zambia 50.8 Mid Autumn +0.0 6/7
70 San Marino 50.9 Mid Autumn +0.1 7/7
74 Uganda 50.6 Mid Autumn -0.2 7/7
75 Viet Nam 50.6 Mid Autumn -0.2 6/7
IMF Projected CCI
Based on IMF WEO forecasts for GDP growth and debt/GDP. Other indicators frozen at last known value. Methodology
easing
Current
52.9
locked 2025
Projected
50.8
IMF 2026
2027
50.8
-2.1
delta to 2026