Economist: Quicker return to normal important for economy

Author
Newstalk ZB,
Publish Date
Mon, 15 Feb 2021, 9:49AM
Queen Street in lockdown during the first lockdown. (Photo / NZ Herald)
Queen Street in lockdown during the first lockdown. (Photo / NZ Herald)

Economist: Quicker return to normal important for economy

Author
Newstalk ZB,
Publish Date
Mon, 15 Feb 2021, 9:49AM

It's set to be a tough few days ahead for businesses in Auckland.

Non-essential businesses have been forced to shut their doors to face-to-face customers - at least until Thursday.

The move to level three will impact a quarter of a million workers in the super city.

Infometrics senior economist Brad Olsen told Kate Hawkesby spending levels could be down 40 per cent on normal.

"The central city has already been operating under a very, very tough position, without international tourism but also without as many workers in the central city.

"This is just going to exacerbate those issues."

He says the quicker we return to normal, the better for the economy.

"You are hopeful in a sense that three days is not going to be as bad as any of the other challenges we've had, which have had restrictions on for much longer period, but I think we have to acknowledge this is going to be tough for businesses."

LISTEN ABOVE