After year 2007 international financial meltdown and recession, New Zealand economy is heavily impacted since then. The recession hit Auckland earlier and harder than New Zealand as a whole, but it was already out-performing the rest of the country in terms of economic activity through the last three quarters of 2010, said Goldman Sachs economist Philip Borkin.
The impact seems to be recovering from the gloom slowly recently. According to Brian Fallow’s (21st April 2011) article from New Zealand Herald, he states that:” the city's economy should be growing by between 3 and 3.5 per cent by the end of the year. Growth over the entire year could average around 2.5 per cent, compared with the 1.5 he expects for the country as a whole, which is more optimistic than the consensus 1.1 per cent.”
Auckland GDP status and forecast
Auckland’s economic recovery reveals local peoples’ confidence is relatively higher than other regions nationally. Same article states that: “The Auckland region recorded the highest level of consumer confidence, overtaking Wellington.” However, Auckland acts as a leading city nationally, it is highly sensitive to financial conditions, the council is play a vital role on stabilising recession and recovering regional economy in an effective way, thus to lead overall national economic recovery.
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