New Zealand’s economy is likely to suffer a bigger coronavirus blow than most in the OECD, new research says. The OECD has put out a new report evaluating the impact of Covid-19 on economic activity. It does not take into account Government stimulus in those countries. It said the initial direct effect of shutdowns could be a decline of between one fifth and one quarter in most economies as spending dropped by about a third. “Changes of this magnitude would far outweigh anything experienced during the global financial crisis in 2008-09. This broad estimate only covers the initial direct impact in the sectors involved and does not take into account any additional indirect impacts that may arise.” READ MORE:Coronavirus: Confidential Government emergency plan warns recovery still some time awaySkyCity announces restructure, 200 jobs to go New Zealand would see an initial drop of almost 30 per cent in activity, the OECD said, compared to about 15 per cent in Ireland, 22 per cent in Australia and 25 per cent in the United States. The implications for annual GDP growth would depend on the magnitude and duration of national shutdowns, and the extent of reduced demand, the OECD said. “The scale of the estimated decline in… Read full this story
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