New Zealand economy grows, but suffered due to COVID-19

New Zealand economy grows, but suffered due to COVID-19

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The New Zealand Government decided to act fast and quickly in response to the COVID-19 pandemic.

Finance Minister Grant Robertson says the response has helped the economy recover faster than expected.

GDP rose to 14 per cent during the September quarter of 2020 following a revised 11 per cent fall during June's quarter. However, the average basis of GDP fell 2.2 per cent ending in September.

“The economic bounce back is a result of our decision to go hard and early during the COVID-19 pandemic,” Grant Robertson said.

“We supported more than 1.8 million workers through the Wage Subsidy Scheme and invested billions of dollars into infrastructure, training and creating jobs.”

“Global economic activity is expected to continue to recover over the rest of the forecast period, although the pace of recovery is likely to be uneven as countries contend with renewed virus outbreaks and the resulting containment measures.”

“The full economic effects of COVID-19 are still to be felt in New Zealand and across the world. The Government will continue to work with businesses and workers to cushion the blow and support job retention and creation,” Grant Robertson said.

New Zealand still suffered greatly during the COVID-19 pandemic, and there is a price to pay for future generations to come.

Image: Grant Robertson / Facebook

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