National's finance spokesman: 'The economy is in long-term trouble'

Author
Newstalk ZB,
Publish Date
Fri, 18 Sep 2020, 11:17AM
Photo / File
Photo / File

National's finance spokesman: 'The economy is in long-term trouble'

Author
Newstalk ZB,
Publish Date
Fri, 18 Sep 2020, 11:17AM

New Zealand is officially in recession,  but the true extent of that recession is yet to be known.

The gross domestic product shrank 12.2 per cent in the June quarter, showing the impact of the lockdown and border closures.

It means we're in recession for the first time in 11 years.

National finance spokesman Paul Goldsmith told Kate Hawkesby New Zealand's economy is already in long-term trouble.

"The damage that was done in those 3 months will have long lasting effects which will be with us for many years to come."

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