Expectation that it will take 12 to 18 months till the country financially recovers

ASB Bank's latest quarterly economic forecast sees the country going through three levels of recovery -surviving the crisis, the transition period and lastly adapting to the new normal.

Chief Economist Nick Tuffley says it's important businesses are financially supported during all of these stages.

He says they're seeing a lot of businesses that were perfectly fine prior to Covid-19, close or consider closing.