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In August last year, Bernard Doyle, a strategist at JBWere, penned a ripping report on the New Zealand economy, arguing that rabid population growth was masking underlying weak productivity and poor per capita GDP growth:
New Zealand has been in a productivity recession since 2012. Not that you’d notice from headline GDP numbers, which continue to print impressively. However GDP per hour worked has flat-lined for five years…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.