June 20, 2023
Māori economy riding out recession
The Māori economy is continuing to grow – despite New Zealand being in a technical recession.
Professor Robert MacCulloch from the University of Auckland school of business says because production fell for two quarters in a row between October and March the country is considered in recession.
It’s the recession Reserve Bank Governor Adrian Orr said he was trying to engineer to rein back inflation – but it doesn’t stop the trend for Maori growth.
“It’s the trend that’s the most important as well for economists. These dips in GDP are often referred to as business cycles and they’ve been around since the begining of time – booms and busts. What’s most important is the trend and if the trend is going up which it largely has been in terms of the size of the Maori economy, that’s a good thing,” Professor MacCulloch says,
He says a fixation on the growth in total production as measured by Gross Domestic Production might not be the best way to say whether a country is thriving.