NZ Treasury forecasts 16 per cent GDP contraction as nation enters technical recession | Sky News Australia

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New Zealand’s Treasury is forecasting a sobering 16 per cent contraction in GDP for its June quarter due to the impact of tough coronavirus lockdown rules.

| By comparison, Australia recorded a seven per cent contraction over the same three-month period. Government debt was forecasted to peak at $200 million or 55 per cent of GDP while unemployment would likely peak at 11 per cent in 2022.

Opposition Leader Judith Collins raised concerns the nation's recession would result in the migration of skilled people to Australia. However, Minister for Finance Grant Robertson said New Zealand’s unemployment figures would likely remain lower than those in Australia, and growth moving forward was likely to be better.

 

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Ohhhh but she elimated virus? Oh wait a sec she didnt actually its back

Cindy’s smile won’t be so big

Nothing a hug won’t fix.

How can this be!!? All the geniuses on twitter told us the economy correlates with covid deaths - are you saying they might have been wrong? 😲

NZ PM didn't even know what GDP was? Is this govt lying going into an election? Are JA and LP holding Kiwis to ransom by political campaigns to open the border if you vote for them? Stoping other party's from campaigning while no Covid in South Island and most of North?

deaths = 24 twenty four two, four.

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Treasurer wins support to use debt to build Australia out of recessionThere's been a surge in support for the government to use debt to build the nation out of recession, while businesses back a GST increase to pay down debt. swrighteconomy Hooray. Pumping super expensive gas everywhere. FixedIt swrighteconomy Pump it up! We're only at 40% debt/gdp. Fiscal Stimulus to 11 now! Step on it! That's what the Greens and Labor want anyway, right? swrighteconomy Why not you lot put us in the worst recession we have had since the Great Depression of the 1930s disgraceful this is something we expect from a Labor Government not a Liberal Government just wait till this recession kicks in and the people realise what you have done to us
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