New Zealand announces $7.3 bn package to boost economy as recession fear looms large

New Zealand on March 17, anunced that it would pump $7.31 billion into ecomy. According to reports, amount is equal to 4 per cent of New Zealand’s Gross Domestic Product (GDP). This anuncement was me in order to slow a contraction expected from business disruptions caused by coronavirus outbreak.

Ecomy severely hit

According to reports, Finance Minister Grant Robertson in a news conference said that proposed amount was larger than one that was implemented during global financial crisis and ded that it was larger in terms of GDP percent to packs offered by or countries like Australia and Singapore.

Robertson ded that government was still unsure of extent of dam virus would have on New Zealand’s ecomy but y were certain that it would cost New Zealand jobs and have a rar significant impact on business. Robertson claimed that without pack, Treasury Department was predicting a contraction of 3 per cent in first quarter of 2021 as opposed to 1 per cent with pack.

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As per reports, New Zealand Prime Minister Jacinda Ardern has claimed that ecomic impact of coronavirus will be worse than global financial crisis and cancelled all big public garings as well as imposed mandatory self-isolation for visitors. Reports indicate that pack includes an initial NZ$500 million boost for health services, NZ$5.1 billion in w subsidy support and NZ$2.8 billion in income support.

pack also wants to free up cash flow by providing an NZ$2.8 billion in business tax change. This will include a provisional tax threshold lift, reinstatement of building depreciation and writing off interest on late payment of tax. According to reports, Robertson has said in a speech to parliament that recession was ‘almost certain’ in New Zealand and he ded that New Zealand will face an extended period of deficits.

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