The New Zealand government said on Tuesday it will unveil further fiscal stimulus this week as it forecast a surge in the unemployment rate to 26% if tough lockdown measures to fight the spread of the coronavirus are extended.
FILE PHOTO: A New Zealand Dollar note is seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration
Mapping economic scenarios from the lowest restriction level to the highest, the Treasury said declines in annual gross domestic product in the year ending March 2021 would vary from around 13% to close to one-third. Robertson said unemployment could be kept below 10%, and return to 5% in 2021 with additional government support. The economy could bounce back to be NZ$70 billion larger by 2024 than in 2019, Robertson said.
New Zealand on Tuesday recorded four additional deaths related to COVID-19, the disease caused by the new coronavirus, taking the total to nine deaths in the country. It has recorded 1,366 cases of infection.
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