In this mornings paper it mentioned that this is the anniversary of the 1987 sharemarket crash. What a lot of people dont realise is that New Zealand almost had a depression after that crash. The most common definition of a depression is twelve or more quarters of negative economic growth, and we had ten quarters of that, followed by a very short burst of positive growth (I think that was only two quarters) before returning to recession again. The reason was not just what was happening in global markets. Rogernomics had a deeply harmful effect on the New Zealand economy.
Posted on: Fri, 18 Oct 2013 21:26:15 +0000
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