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This morning, Finance Minister Grant Robertson was optimistic about the future, saying there were signs that the recession was over and that New Zealand would recover quickly.
He told Mike Hosking of Newstalk ZB that the “go hard, go early” strategy to deal with Covid-19 had not only saved lives but also livelihoods. As a consequence, the country was recovering rapidly.
“It represents a one in 100 year shock to the economy and we will recover quickly.”
“We are coming back strong from this,” Robertson said.
He said the country appeared to have weathered the worst of the Covid recession and declared, “The recession is over.”
The finance minister said he expected the next quarter’s figures to show significant growth and recovery, although there was uncertainty about how big the recovery would be.
Despite slipping into recession in the second quarter, the government chose an approach that was the best for public health policy and remained convinced that it was the best path to recovery on all fronts.
Taking steps to blockade the country and provide substantial government assistance to businesses had meant that Covid’s response was carried out faster and better.
He said that has already started to work economically with 2 percent year-on-year growth in July.
And I was confident that the third quarter would show considerable improvement.
“It will certainly be a very solid rally because we have seen some very high levels of activity.
“We are focused on the future and we made sure to come out of this as strong as possible.”
