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21 Sep 2020 5:16
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  •   Home > News > Business

    An economist says we need to be looking to the long term - as the latest GDP results confirm we're officially in a recession

    An economist says we need to be looking to the long term - as the latest GDP results confirm we're officially in a recession


    Our gross domestic product shrank a record 12.2 per cent in the June quarter -- showing the impact of the March and April lockdown and border closures.

    Bagrie Economics Managing Director, Cameron Bagrie, says based on Treasury's forecasts -- the real battle is yet to come.

    He says unemployment is forecast to be in excess of seven per cent until 2023, so we will see tougher times for a while yet, before we get the economy back on a stronger footing.

    © 2020 Newstalk ZB, NZCity


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     Top Stories

    RUGBY RUGBY
    Auckland's keeping a clear mind despite the impending departure of key All Blacks from their squad More...


    BUSINESS BUSINESS
    Hopes Aucklanders affected by changes to public transport services adapt and find alternative routes More...



     Today's News

    Politics:
    New pre-election promises were absent from National's virtual campaign launch 4:36

    Health & Safety:
    New Zealand's Covid-19 case numbers are tracking in the right direction 4:36

    Auckland:
    Fire crews alongside two trucks are battling to put out a house fire in Auckland's Royal Oak 21:17

    Rugby League:
    The Warriors have let slip a comfortable early lead to lose their penultimate game of the NRL season 18:57

    Motorsports:
    Scott McLaughlin has led home a one-two finish for DJR Team Penske, in the final Supercars race of the weekend at The Bend 18:37

    Rugby League:
    The Warriors have fallen behind in their NRL match with the Raiders in Canberra 18:07

    Rugby:
    Auckland's keeping a clear mind despite the impending departure of key All Blacks from their squad 17:27

    Rugby League:
    Meanwhile it was news that was feared, and now confirmed 16:57

    Golf:
    Matthew Wolff is hoping to continue his momentum into the final round of the US golf Open in New York 16:27

    Rugby League:
    The Tampa Bay Lightning have drawn first blood in the Stanley Cup finals, defeating the Dallas Stars 4-1 in Edmonton 15:47


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