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2009 Job Summit World R ecession & How We Cope

2009 Job Summit World R ecession & How We Cope. A lan Bollard, Governor Reserve Bank of New Zealand. 27 February 2009. The biggest destruction of global wealth ever?. Value loss (est. $US). Credit-related losses. $2 trillion. Equity Markets. $30 trillion. Housing. $4 trillion.

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2009 Job Summit World R ecession & How We Cope

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  1. 2009 Job Summit World Recession & How We Cope Alan Bollard, Governor Reserve Bank of New Zealand 27 February 2009

  2. The biggest destruction of global wealth ever? Value loss (est. $US) Credit-related losses $2 trillion Equity Markets $30 trillion Housing $4 trillion Lost output $3 trillion

  3. Trading partner growth slows Financial Crisis Asian Crisis Tech Bubble Sars

  4. Trading partner growth slows Financial Crisis Asian Crisis Tech Bubble Sars

  5. Lower growth world must adjust Consumption, currencies Reserves Savings, exports Currencies

  6. New Zealand has strengths… • Past strong growth, low unemployment • Flexible product and labour markets • Floating exchange rate & hedging • Responsive monetary policy • Strong government accounts • Sound banking system

  7. …but we don’t escape unscathed

  8. …but we don’t escape unscathed New Zealand

  9. Domestic credit growth Agriculture Business Household

  10. Intended Investment & Employment Employment Investment

  11. How we cope New Zealand has some strengths but also vulnerabilities We will play our role Banks must also play a key role You will all be affected. We want to hear your ideas….

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