Cameron Bagrie, former Chief Economist for New Zealand (NZ) at Australia and New Zealand Banking Group (ANZ) was out with the following comments on the NZ economy over the weekend.
The coming years are going to be bumpy. Apart from the obvious global risks, the transitional costs of changing the structure and growth across the economy are being understated.
We are yet to fully identify, and fill the voids being created as some sectors get hit.
The prevailing wisdom is that the economy should perform okay.
Economic theory says the New Zealand economy is in good heart.
Economic reality says otherwise and needs to be respected.
My view sides with reality.
Businesses are going to remain in a grumpy mood and grumpflation applies.
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