Origins of the 'Credit crunch' and recession

Release date
July 2009


In 2007/08 the United States, followed by the rest of the world, experienced a ‘Credit crunch’ that, by late 2008, had developed into the worst worldwide economic crisis since the Second World War. Although New Zealand was in a relatively good position, with a healthy banking system and sound economic fundamentals, the country still entered a prolonged recession.