NZ Finmin: Some distance from opening the border – BBG TV
|The New Zealand Finance Minister, Grant Murray Robertson, is saying that some distance from opening the border – BBG TV.
- There will be more government support.
- Will continue to be careful with government spending.
- For now RBNZ QE approach is correct and right.
- Further government support will be substantial.
Meanwhile, the COVID-19 pandemic is wreaking havoc on lives and livelihoods, including here in New Zealand and the economic slump underway is truly enormous. "Rightly, the crisis has galvanised policymakers with governments and central banks taking unprecedented steps to cushion the blow and ease pressures in financial markets. Nonetheless, the impacts of this crisis will be with us in months and years to come," analysts at ANZ Bank argued.
"We expect to see a sharp hit to GDP over the first half of this year. The magnitude of this and the subsequent bounce in activity will depend on whether we can contain the outbreak sustainably, the duration of activity restrictions, and the path to reopening the economy."
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