COVID pushes New Zealand into worst recession in years
September 17, 2020 5:28 pm
New Zealand is in its deepest recession in decades, following strict measures in response to the COVID-19 pandemic which were widely praised.
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 when the current system of measurement began.
But the government hopes its pandemic response will lead to a quick recovery.
The nation of nearly five million was briefly declared virus-free, and although it still has a handful of cases, it has only had 25 deaths.