The New Zealand government puts lives ahead of the economy, unlike a number of other countries that have a high death toll and a struggling economy (like the UK). Economies will recover; dead people don't.
We are still in the early days of the pandemic. The most successful strategy at this stage is suppression of the virus in order to firstly save lives; second, to not overburden the health system; and, thirdly, enable a return to a more normal and less restricted existence as soon as possible. That is not an "all or nothing" approach; it is trying to achieve a combination of goals balanced against each other.
An important part of the strategy is to try to find a vaccine - that would end the pandemic - but the strategy does not mean proceeding on the basis a vaccine might never be developed. It is far too soon to make that gloomy prognostication. For now, what we have to do is deal with the virus as best we can while there is still no vaccine. That may mean increasing our ability to suppress the spread of the virus, through improved prophylaxis, and also better testing and contact tracing.
We cannot simply return to the way things were because we have had enough of the virus; it won't have had enough of us. While it is still amongst us our lives must change. If there is no vaccine - and it could take years for that pessimistic outcome to be apparent - we have to continue to find ways to suppress the spread of the disease while still functioning as an economy and society. But it will undoubtedly mean less economic growth and lower living standards for some time. There is no way around that while Covid is with us. As New Zealand's former prime minister Helen Clark has said, "we are in this for the long haul".