{"id":1331,"date":"2023-04-26T15:43:50","date_gmt":"2023-04-26T03:43:50","guid":{"rendered":"https:\/\/www.bayofconnections.com\/?post_type=news-and-projects&p=1331"},"modified":"2023-04-27T07:48:15","modified_gmt":"2023-04-26T19:48:15","slug":"resilience-the-key-to-getting-through-tough-economic-times","status":"publish","type":"news-and-projects","link":"https:\/\/www.bayofconnections.com\/news-and-projects\/resilience-the-key-to-getting-through-tough-economic-times\/","title":{"rendered":"Resilience the key to getting through tough economic times"},"content":{"rendered":"\n
The Eastern Bay of Plenty economy is strong and resilient but, like all rohe, will need to grapple with the challenging global and domestic outlook.<\/p>\n\n\n\n
That was the key message from Infometrics Chief Executive and Principal Economist, Brad Olsen, at a seminar in Whakat\u0101ne earlier this month.<\/p>\n\n\n\n
Hosted by Whakat\u0101ne District Council, with support from \u014cp\u014dtiki and Kawerau district councils and Bay of Connections, more than 50 local businesses, iwi, council and central government leaders gathered to hear Brad present on the current state of the Eastern Bay of Plenty economy and his economic outlook.<\/p>\n\n\n\n
Despite a tough year ahead, Infometrics is not expecting \u2018GFC 2.0\u2019 or a COVID lockdown-style hit to the economy. While a nationwide recession is still anticipated, it is well-signalled and will be different to those experienced in the past, Brad says.<\/p>\n\n\n\n
A strong primary sector is key to the resilience of the Eastern Bay of Plenty economy, making up 16 per cent of employment in the rohe. The forecast dairy payout of $372m in 2023 will support the local economy as it flows through to local suppliers and businesses.<\/p>\n\n\n\n
The professional, scientific and technical services sector is growing in the subregion, enabled by more remote work opportunities and the attractiveness of the area, offering excellent lifestyle opportunities, and good connectivity and transport links to support business activity.<\/p>\n\n\n\n
Employment growth in Eastern Bay of Plenty has been driven by the M\u0101ori economy, with M\u0101ori employment growth rising faster than overall regional growth.<\/p>\n\n\n\n
A high level of construction activity is in the pipeline, as evidenced by residential and non-residential building consent numbers, indicating increased business activity and confidence to back local.<\/p>\n\n\n\n
Regions across Aotearoa have recorded generally strong economic outcomes recently, and the Eastern Bay of Plenty is well-positioned to weather the challenges ahead.<\/p>\n\n\n\n
Touching on the global economy, Brad noted Aotearoa is increasingly more dependent on other economies than our own.<\/p>\n\n\n\n
Our country needs as many friends as possible in the current geopolitical environment to mitigate the impacts of constrained global economic activity and to ensure trading success, he says.<\/p>\n\n\n\n
Nationally, several factors are contributing to challenging conditions, however, Infometrics expects the predicted recession will not be deep compared to recent downturns.<\/p>\n\n\n