It was an unexpected, deep and costly event, the world’s worst since the Great Depression. The recovery is mixed, fragile in some places and has a long way to go. Just as we were very uncertain about the depths of recession, so no one can be sure how robust and widespread the recovery will be. Already we have had many surprises.
The purpose of this presentation is to analyse New Zealand’s recovery from the recession to date, and to indicate how it might proceed. The crisis struck across almost all countries and almost all sectors. Like a virulent virus it transmitted speedily from one market to another. Some of these markets produced their own antibodies very quickly, while others sustained prolonged damage.