30 Jun 2020 |
Australia and New Zealand take their first steps towards the next normal
COVID-19 was declared a global pandemic by the World Health Organization (WHO) on the 11th March. What started as a health crisis quickly morphed into an economic crisis with Global GDP projections revised down significantly for 2020. Most base case economic forecasts have a deep recession in 2020 followed by a recovery in 2021 and 2022.
Every economic downturn has led to changes in consumer and business behaviour. Some of the changes are temporary, while others are structural and influence public and private sector investment and consumption patterns. Post the financial crisis of 2008-09, we had the New Normal, while the post COVID-19 world is being called the Next Normal.
JLL New Zealand