Covid pushes New Zealand into worst recession in years
17-09-2020, 15:59

Font size: [ A+ ] / [ A- ]

 

New Zealand is in its deepest recession in decades, following strict measures in response to the Covid-19 pandemic which were widely praised.

The country's GDP shrank by 12.2% between April and June as the lockdown and border closures hit.

It is New Zealand's first recession since the global financial crisis and its worst since 1987, when the current system of measurement began.

But the government hopes its pandemic response will lead to a quick recovery.

The nation of nearly five million was briefly declared virus free, and although it still has a handful of cases, it has only had 25 deaths.

The economy is likely to be a key issue in next month's election, which was delayed after an unexpected spike in Covid-19 cases in August.

Stats NZ spokesman Paul Pascoe said the measures implemented since 19 March have had a huge impact of some sectors of the economy.

"Industries like retail, accommodation and restaurants, and transport saw significant declines in production because they were most directly affected by the international travel ban and strict nationwide lockdown," he said.

Prime Minister Jacinda Ardern's government has said the success in suppressing the virus is likely to help recovery prospects.

Finance Minister Grant Robertson said the GDP numbers were better than expected, and suggested a strong recovery ahead.

"Going hard and early means that we can come back faster and stronger," he said.

Some economists are also predicting a swift recovery, because of New Zealand's strong response to the virus.

"We expect the June quarter's record-breaking GDP decline to be followed by a record-breaking rise in the September quarter," said Westpac Senior Economist Michael Gordon.

Ms Ardern said she backs the economy's ability to rebound.

"I think one of the key questions here is not just about what's happened over that June quarter in terms of the effect of lockdown. It's actually about the rebound - and I back New Zealand's rebound," she said.

Ms Ardern said activity is already picking up as the country has been able to open up a lot more quickly compared with other nations.

"Even with some of the more recent restrictions, we've seen a return to activity, whereas compared to Australia we are in a much better position," she added.

However Treasury forecasts released yesterday suggested massive debt and continuing disruptions are likely to delay a full recovery.

The opposition National party accused the government of a lack of pragmatism that made the impact worse than it needed to be.

New Zealand recorded a steeper drop than neighbouring Australia, where the lockdown was less severe.

But the state of Victoria has faced a second lockdown, which is likely to weigh on Australia's economic recovery.

 

BBC

 

Comments: 429
#349   Hazel
      
References:


Casino poker games

References:
www.asceplus.com
10 March 2026 21:38
#348   Reta
      
Greetings from Idaho! I'm bored at work so I decided to browse your website on my iphone during lunch break.
I enjoy the information you present here and can't wait to take a look when I get home.
I'm shocked at how quick your blog loaded on my mobile ..
I'm not even using WIFI, just 3G .. Anyways, good blog!


My website web page
8 March 2026 12:36
#347   Garfield
      
You actually make it appear really easy along with your presentation but I in finding this topic to be actually one
thing which I think I would never understand.

It sort of feels too complex and very vast for me.
I'm looking forward on your next publish, I'll attempt to get the hold of
it!

Feel free to visit my homepage - k4rtv tv
5 March 2026 14:34
#346   Milan
      
are steroids safe

References:
chessdatabase.science
3 March 2026 17:54
#345   Raphael
      
3 March 2026 13:20
#344   Jacelyn
      
1 March 2026 00:31
#343   Douglas
      
gnc muscle building stack

References:
https://aryba.kg/
26 February 2026 19:38
#342   Ernest
      
beast testosterone pills

References:
wikimapia.org
26 February 2026 18:01
#341   Philip
      
legal steroids turning men into beasts

References:
premiumdesignsinc.com
26 February 2026 16:13
#340   Karry
      
anabolic hormones definition

References:
karayaz.ru
26 February 2026 12:26
#339   Ermelinda
      
Thank you for any other excellent article. The place else may anybody
get that kind of information in such an ideal method of writing?
I've a presentation next week, and I am at the search for such information.

Feel free to visit my web-site - Upland
Dispensary
26 February 2026 02:37
#338   Veola
      
vegas slot casino

References:
invastu.kz
24 February 2026 10:23
#337   Chang
      
Great info. Lucky me I discovered your site by accident (stumbleupon).
I've bookmarked it for later!

my page: read more
24 February 2026 07:44
#336   Grazyna
      
choctaw casino durant

References:
https://travelersqa.com/user/cloudjeep2
24 February 2026 06:32
#335   Aubrey
      
blackjack promotions login

References:
qazaqpen-club.kz
24 February 2026 03:03
#334   Ruth
      
hardrock casino hollywood fl

References:
firsturl.de
24 February 2026 01:22
#333   Kari
      
What's Happening i'm new to this, I stumbled upon this I have discovered It positively helpful and it has
helped me out loads. I hope to contribute & assist different users like its helped me.
Great job.

Feel free to visit my webpage online pharmacies
23 February 2026 11:16
#332   Margarito
      
rampart casino

References:
skitterphoto.com
22 February 2026 23:41
#331   Carolyn
      
I savour, cause I discovered just what I was looking
for. You've ended my 4 day lengthy hunt! God Bless you man. Have a nice day.
Bye

Feel free to visit my web page - canadian pharmacies
20 February 2026 05:24
#330   Clifton
      
Hello there! Quick question that's entirely off topic.
Do you know how to make your site mobile friendly?
My site looks weird when browsing from my iphone.
I'm trying to find a theme or plugin that might be
able to resolve this problem. If you have any recommendations,
please share. Cheers!

Take a look at my web site :: please visit
16 February 2026 21:08
Add Comments

Name:*
E-Mail:
  Geo Keyboard  
 

Dear reader, guardian.ge welcomes your comments. Please express your views on topic and be respectful of others.

bold italic underline strike | align left centered align right | Ensert smilies insert linkInsert protected URL Choice the color | hidden text insert quote Convert selected text from transliteration to Cyrillic alphabet Insert spoiler

Code: *


Back1 2 3 4 5 6 7 8 9 10 ... 22Next