No prizes for guessing what the focus is. In summary from NZ:
- Economic activity has fallen abruptly as the Government responds to the health risks posed by COVID-19
- Fiscal and monetary policy are helping ease the disruption to household and business income
- Across the world, lockdowns and physical distancing measures are becoming pervasive, bringing a broad swathe of global economic activity to a sudden stop, cutting incomes and disrupting financial markets
In a rapidly changing environment, it is difficult to gauge the magnitude of the implications for economic activity. However, it is clear that GDP, household spending, business investment and services exports have declined sharply. How quickly economic activity returns to previous levels depends on the course of the virus and the economy’s ability to adjust to conditions when the virus alert ends. The Treasury expects a substantial fall in GDP this year. Internationally, the virus is taking a heavy toll on people’s health and increasingly stringent containment measures are being put in place, which entails significant declines in economic activity. How the global economy responds to these challenges will also be important to the recovery in New Zealand.
- “Special Topic provides further analysis on how the COVID-19 pandemic is affecting economic activity.”