There has been positive news around New Zealand's economic growth in the last 24 hours, but international markets have put a dampener on that.
China's growth is stalling and the US is proving volatile, and then of course there's Europe.
Greg Smith of wealth management firm Fat Prophets says that there will inevitably be a trickle-on effect to New Zealand.
“The gloom in the northern hemisphere is always going to affect our markets,” he says.
Mr Smith says that kiwis will not be affected by the markets to the same degree as other countries though, as more people here have invested in property.
“Kiwis by nature are a slightly more conservative bunch, 25 per cent of household assets are actually in property, so sharemarket participation is a lot less than some of our neighbours,” he says.
Mr Smith believes that overall, things are looking up for New Zealand.
“I think there’s a lot to be positive about,” he says.
Watch the video for Firstline’s full interview with Greg Smith
source: newshub archive
