June 23, 2024

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New Zealand GDP records historic decline

Appreciated for successfully handling the epidemic, the country has reduced the burden on the economy.

On the health front, Prime Minister Jacinta Artern has set a record. Of New Zealand’s population of 5 million, only 26 have died of Govt-19 to date.

But measures taken to combat the epidemic weigh on the economy, even if their impact is less than in other countries. New Zealand’s GDP will shrink to 2.9% by 2020, the government said on Thursday. This is the worst performance recorded in the archipelago.

After a six-month contraction in early 2020, New Zealand activity rose to 13.9% before contracting again in the third quarter and 1% in the fourth quarter. Border closures have hit the tourism sector hard, which is essential in the economy and is particularly affected by the lack of international travelers in high season. It has also reduced retail and hotel bookings. At the beginning of 2021, activity will decline further

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