New Zealand's top 3 recession-proof industries

Published 22 March 2023 | 2 min read

With rising costs interest rates, inflation and ongoing impacts of the Russian-Ukraine war, markets around the world could be facing harder times and possibly a recession in 2023. And many New Zealander employers could experience shifts in people searching for more job security.   

SEEK’s Senior Economist, Matt Cowgill says that there might be a few storm clouds ahead. The Reserve Bank of New Zealand is forecasting that the NZ economy will shrink in 2023. 

“The RBNZ is forecasting that the unemployment rate will rise quite sharply in 2023. If that happens, more employers will let staff go, and jobs will be harder to find for those out of work.” 

“While no industry is fully ‘recession-proof’, not every industry segment is susceptible to a downturn in the economy, and there are some industries that will do better than others," Cowgill says.   

1. Healthcare & Medical is the most recession-proof. People still need to access healthcare even during a period of slow economic growth, so demand for healthcare workers will remain strong during a recession.  

2. Farming, Animals & Conservation is also relatively recession-proof – people still need to eat regardless of how the economy’s going.  

3. Education & Training is one of the most stable industries, as people want to further their studies and advance their skills during a recession. Teachers will still be required to work and remain in high demand, even during periods of uncertainty. 

If you're going to hire during a recession, it helps to know which workers are the most in-demand right now. We’ve looked at the latest data – the table below is a snapshot of the top 20 most-in demand workers in New Zealand right now.

Source: Job ads listed on SEEK from Oct 2022-Dec 2022, based on average annual full time and annualised hourly salaries (excluding contract roles).

Click here to read the article by Seek NZ.