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EXTRAORDINARILY ORDINARY

Note from Dominick Stephens – Chief Economist

Right now the New Zealand economy is in an extraordinarily ordinary position.

Unemployment, inflation and the exchange rate are all close to the average or neutral levels. And the output gap tells us the economy is running neither above nor below its capacity ‘speed limit’. Such a balanced situation is something normally seen in economic textbooks, not real life.

The big question is whether the next phase for the economy is up, down or sideways from here.

Join us for breakfast and some insight from Westpac Senior Economist Satish Ranchhod.

Satish joined Westpac’s Economics team as a Senior Economist in October 2014. His work focuses on inflation and developments in New Zealand’s labour market.

Prior to joining Westpac, he was an adviser at the Reserve Bank of New Zealand. Much of his career has focused analysing and forecasting the New Zealand economy, with a particular focus on inflation.

Satish has also spent time as an economic researcher, leading the Reserve Bank’s analysis of the economic effects of the Canterbury earthquakes and its analysis of the global economy during the financial crisis.

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