Thursday, September 17, 2020

New Zealand in the red

 New Zealand is in its deepest recession in decades. 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.

Stats NZ spokesman Paul Pascoe said the anti coronavirus 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.

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

If history is anything to go by, then we know who will pay the costs of this recession - we will - the working class 

No comments: