Faith in economic recovery low

Confidence in the economic recovery has plummeted.

According to MYOB's latest business monitor, only 21 percent of firms are confident the economy will recover within the next year.

MYOB's Julian Smith says it's less than half of the 49 percent who said they were confident about a recovery back in 2010.

"Their expectations of economic recovery in the next 12 months is actually at the lowest level it's been since we started this survey in June 2009.

"That economic confidence is actually not slowing down business owners confidence in their own performance."

General manager Julian Smith says it's well down on two years ago...when half of respondents had a positive outlook.

"We are surrounded as a country with a lot of international commentary about what is going on in global markets. That will often have an impact on our sense of confidence especially as an export led nation."

Julian Smith says New Zealanders are now marginally more positive about our economy, than Australians are about theirs.

Image: NZ Herald