Over the past week we have seen what looks like the beginning of a second global recession.
From the United States, where the latest jobs figures show the country's economy has stalled, to Europe where fears about the Italian economy in particular have driven stocks down nearly 10 percent in a week. And to here, in the Asia Pacific region where markets and currencies have tumbled, the news has been all bad.
What does it all mean for New Zealand?
Duncan Garner is with the chief executive of the Bank of New Zealand, Andrew Thorburn.
Watch the full video