Alan Bollard: New Zealand’s economic recovery, external vulnerabilities and the balancing act ahead Speech by Mr Alan Bollard, Governor of the Reserve Bank of New Zealand, to the Wellington Regional Chamber of Commerce, Wellington, 14 June 2010. *  1. *  *  How is our recovery going?
We have been out of recession for a year now, and we can take stock of the recovery so far. We hit a trough in the New Zealand economy in the second quarter of 2009, marking a turning point after a year during which we contracted a total 2.2 percent.