New Zealand falls into its deepest economic slump on record in the second quarter as its battle against the coronavirus pandemic paralyses business activity
Pedestrians walk near the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017.
The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14 percent in its August statement. But economists say New Zealand will bounce back faster, while other nations are still struggling to contain the coronavirus. Treasury forecasts released on Wednesday showed that while New Zealand's response to Covid-19 helped lessen the short-term economic shock, massive debt and continuing disruptions will delay a full recovery.
National's finance spokesman compared the response to Australia, which recorded an economic contraction of seven percent in the June quarter after adopting a more flexible approach to lockdowns and border controls. New Zealand most recent recession was in 2008-09 and until the first three months of this year it had recorded non-stop quarterly growth since 2010."We've never seen anything like this. It was traumatic," he said.
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