Virus shock to New Zealand’s economy will be ‘quantum greater’ than GFC
Finance minister warns the nation unemployment will be worse than that during the fallout from 2008
New Zealand’s finance minister has warned the nation is facing an economic shock “a quantum greater” than that of the 2008 global financial crisis, with jobless numbers likely to exceed those at the time of the meltdown.
“GDP is going to take a serious hit, as will unemployment,” Grant Robertson told a parliamentary committee set up to scrutinise his government’s actions on the Covid-19 pandemic on Wednesday. He added that he could not yet provide specific forecasts for either measure, which he said were being finalised by the Treasury.