We recently held a webinar with Economist Shamubeel Eaqub to provide insights into what COVID-19 may mean for your business, your employees, your job and your whànau. During the event, which had almost 1,000 attendees, Shamubeel analysed the economic impact of the lockdown, forecasted what the “new normal” might look like for the next 12-18 months and provided advice on what to plan for.
Whilst no-one can know for certain what the long-term impact will be on the Aotearoa economy, the best approach is to stay informed about changes in real-time and plan for a range of scenarios. To help you make sense of the situation as it stands, here is a snapshot of the insights from our webinar:
At this point, most people have accepted that a recession is an inevitability, however, the data suggests it could be the biggest in living memory. With the conditions leading up to the downturn entirely unprecedented, it’s impossible to predict the exact depth, duration and recovery we will see.
It's clear that the private sector will retrench, making it necessary for the government to step up. Whilst we have already seen a significant response through wage subsidies and other forms of support, but this will continue to evolve as the situation unfolds.
The last 40 days have undone the thinking that developed over the last 40 years – the way we think about governments, society and each other is all changing. After the recession, there will be a new normal, so we need to be prepared for highly accelerated change.
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One of the major points that Shamubeel emphasised is the importance of getting a real-time feel for what’s going on and responding to that reality. This is just a small selection of the insights he shared during the webinar, so be sure to click the links below to view the whole recording and access the presentation slides for more data.
If you would like to discuss any of these insights or find out how we can support you and your business during this time, please don’t hesitate to reach out.