After all, no miracle has just happened to give them, the IMF, Treasury or anyone else an ability to predict outturns which clearly none of us possessed three months ago.".

Economies facing financing con­straints to combat the pandemic and its effects may require external support. New Zealand’s government has pumped billions of dollars into the economy to sustain activity and minimize unemployment. The fund (IMF) expects the global economy to contract by about 3 per cent in 2020, a much sharper fall than that experienced after the global financial crisis. But it would most likely be more effective once the outbreak fades and people are able to move about freely. “However, global headwinds and this 1-in-100 year economic shock will have a long-term effect on the government’s books.”The economy benefited from spending just seven weeks in lockdown, while a government wage subsidy cushioned the impact on household incomes, Treasury said.

"If it turns out New Zealand is not successful in getting Covid under control and have to spend more time in lockdown then clearly that will have a greater negative impact for the economy.". Economists forecast a 12.5% decline.

The fund (IMF) expects the global economy to contract by about 3 per cent in 2020, a much sharper fall than that experienced after the global financial crisis.

It is the 51st-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 67th-largest in the world when measured by purchasing power parity (PPP). That’s less than the 4.6% contraction projected in the May budget. That’s the biggest three-month contraction since quarterly records began in 1977. Prime Minister Jacinda Ardern's government, which faces an election on October 17, has said success in suppressing the virus locally is likely to help recovery prospects. Yet, as he acknowledged, the headline result doesn’t tell the full story. Australia’s economy shrank less -- 7% in the quarter and 6.3% in the year -- but it is not expected to enjoy the same bounce back in activity in the third quarter that New Zealand is experiencing. Advanced economies, including the United States, United Kingdom and eurozone are predicted to contract by 6.1 per cent this year, and emerging markets by 1 per cent. It ends in September. The GDP data confirms New Zealand's worst recession, defined as two straight quarters of contraction, since 2010, with GDP in the March quarter falling 1.6 percent.

At the same time, government spending balloons as it provides fiscal support to the economy, with expenses reaching 39.4% of GDP in 2021.The budget deficit is projected to widen to NZ$31.7 billion in the year ending June 2021 from NZ$23.3 billion a year earlier. "Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health.

also raised the possibility of going into negative territory.

Hours worked (down 10%) and the underutilisation rate (10.4%t to 12%) – a marker that measures untapped capacity in the economy – also slumped at record rates. Prime Minister Jacinda Ardern, seeking a second term in the Oct. 17 election, says her strategy to eliminate Covid-19 with a strict nationwide lockdown has been vindicated by a rapid economic rebound. October 12, 2020 at 5:00 AM EDT. Covid-19 restrictions have been reintroduced across New Zealand. New Zealand’s economy will endure a shallower recession than previously expected but the coronavirus pandemic will have a longer impact on the country’s finances, according to government projections.The economy likely shrank 3.1% in the year ended June 30, the Treasury Department said in its pre-election economic and fiscal update released Wednesday in Wellington. Assuming the pandemic fades in the second half of 2020, the global economy is projected to grow by 5.8 per cent next year.

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Economic Indicators for New Zealand including actual values, historical data, and latest data updates for the New Zealand economy.

Got a confidential news tip? New Zealand’s economic freedom score is 84.1, making its economy the 3rd freest in the 2020 Index. The fund (IMF) expects the global economy to contract by about 3 per cent in 2020, a much sharper fall than that experienced after the global financial crisis. Since then, more cases have been confirmed and linked to the new cluster. By June 2024 debt will blow out to NZ$201 billion or 55.3% of GDP –- a slightly higher ratio than projected in the budget because the economy won’t be as big.Still, low interest rates mean finance costs are forecast to reduce, while an improved government cash position will allow the Treasury to reduce its debt program.

10/07/2020 "Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically. The second-quarter decline follows a 1.6% contraction in the first three months of 2020, confirming widespread expectations that New Zealand is in recession. The government agency Statistics New Zealand on Wednesday produced an eye-popping figure of 4% unemployment for the three months to the end of June, down from 4.2% last quarter – before coronavirus restrictions took hold. ANZ is expecting an 8.8 per cent reduction this year and 4.1 per cent growth in 2021.

Further waves of the virus pose a key risk ahead. New Zealand suffered its worst economic slump since the Great Depression in the second quarter as a strict nationwide lockdown to combat the coronavirus brought the country to a standstill.

New Zealand fell into its deepest economic slump on record in the second quarter of 2020 as its battle against the coronavirus pandemic paralyzed business activitiesy, official data …



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