2020 saw the economy take a massive hit but despite all the worries, the job losses, the business closures and even the rising unemployment rate, the economy is faring better than anyone expected.
Covid-19 and the ensuing lockdowns that came with it hit Kiwi pockets hard but there were also counters to it such as the wage subsidy scheme and an increased effort to shop locally.
The Reserve Bank also stepped in in March, slashing the Official Cash Rate to an unprecedented 0.25 per cent, which then led to a competition among banks to see just how low interest rates could go.
And that’s just the tip of the iceberg.
For a full breakdown of this year’s economy, watch the video above.
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