One of New Zealand's leading economists is labelling our decline in economic activity a "reset", not a recession.
New Zealand's economy shrunk for two consecutive quarters after it was revealed last week gross domestic product (GDP) was down 0.1 percent quarter-on-quarter. This caused the country to enter a technical recession.
Appearing on AM, independent economist Cameron Bagrie disparaged the world recession saying he much prefers to call it a reset.
"I don't like the term recession because a recession denotes bad things. I am using the term reset," he said.
Bagrie said after a tumultuous few years the country is returning to a sense of normality.
"We are going from abnormality to normality - that is a reset. That actually offers some opportunities on the other side," he said
"Whereas, if we use the term recession, we are going to get our back up against the wall and we are going to wrap ourselves in cotton wool."
Watch the full interview above.
