With the 2020 Election in September closing in fast, Infometrics has again examined how the economy has performed this electoral term and what that might mean come election day. Yet as New Zealand heads to the polls in just under three months, there needs to be a much greater focus on how to rebuild the economy. Jobs, and how to keep and create them, will be the defining issue of Election 2020.
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Here is list of Infometrics’ latest mentions in the media.
The night-time economy is generally defined as businesses that do the majority of their trading between 6pm and 6am. In 2019, Infometrics estimates that New Zealand’s core night-time economy was worth almost $10b in economic activity and supported over 180,000 jobs (7% of total employment).
New Zealand’s successful public health response to the COVID-19 pandemic should not be taken to mean our economic struggles are over, according to Infometrics’ latest forecasts. Given that life has largely returned to “normal” at Alert Level 1, economic outcomes in the near-term will be better than initially feared. However, the full effects of the border closures, business failures, and job losses will only become apparent over the next 18 months.
New Zealand’s swift shift towards Alert Level 1 has seen the economy regain momentum more quickly than we had anticipated in the initial stages of the pandemic. Despite a feeling of cautious optimism around the country, we believe those gains will be lost as the economic realities of COVID-19 set in, with New Zealand an isolated lifeboat amid a tempest of global mayhem.
Infometrics welcomes a new member to our dynamic IT Team. Robin Arulanantham has recently relocated from Dunedin, and we chat to him about what a typical day is like for him.
New Zealand is slowly moving from the response to the recovery phase of the COVID-19 pandemic. This shift in focus means we’re trying to understand what New Zealand’s recovery path might look like, and where job opportunities might be five years from now. In an earlier article, we looked at industry-level job losses in the short term to March 2021.
The COVID-19 pandemic will see very few winners. We will all come out poorer and worse off, but some will lose more than others. Low skilled workers, young workers, Māori and Pacifica workers are more vulnerable and likely to be hardest hit. These effects will exacerbate existing inequalities.
Continued calls for infrastructure investment and shovel-ready projects have yet to be matched with actual spending, but this problem isn’t a new one. Infometrics’ analysis of international data shows that New Zealand has been investing in infrastructure at a lower rate than other comparable countries for the last 30 years.
Over the past three months, much of New Zealand’s workforce (including the Infometrics team) has become far more accustomed to working from home, and to communicating with clients and teammates via Zoom, Teams, and other platforms.
New Zealand is set to experience a second wave of unemployment as the wage subsidy comes to an end. Businesses have already started to “consult” staff about workforce levels, and with the wage subsidy starting to run out this week, more job losses are in store, especially if that store is The Warehouse or Max.