Cooperation and Development in its latest World Economic Outlook (June 2020) stated succinctly that: “The COVID-19 pandemic is a global health crisis without precedent in living memory. The Treasury's forecasts for Government finances and the economy are published in Budget documents titled Economic and Fiscal Updates (EFUs).The Economic and Fiscal Updates provide a detailed statement of the Government's financial position including updated economic and fiscal forecasts, analysis of the fiscal position and a summary of specific fiscal risks.These forecasts are usually published twice each year: the Budget Economic and Fiscal Update (BEFU) is published with other Budget documents in May of each year, and the Half Year Economic and Fiscal Update (HYEFU) is usually produced in December. Those are some of the dire initial estimates of economists as they try to forecast the economic impact of the coronavirus, which has forced the country into a nationwide lockdown. New Zealand economic and financial forecasts. nzherald.co.nz. An in-depth discussion of the economic outlook, topical issues and forecasts. Economic Forecasts. The Treasury is leading work across government on New Zealand's COVID-19 economic ... Budget 2020 material released on 14 May. 2010 2012 2014 2016 2018 2020 Number Number Source: Stats NZ, Westpac Westpac forecasts For owner occupiers, concerns about job security, stretched household balance sheets and nervousness about the economic outlook more generally will mean that many projects go on hold.
It has triggered the most severe economic recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being”. The economy grew at 2.4 per cent in the year to June 2019. The Treasury New Zealand The economy grew at 2.4 per cent in the year to June 2019. The next forecast will be the Pre-election Economic and Fiscal Update 2020 to be published on 16 September 2020. Unemployment is expected to rise to The economy is in a strong position to handle this, with low Government debt and a strong pipeline of investments planned in infrastructure.Table 2 - Summary of the Treasury's economic forecastsUpdate your browser to view this website correctly. A greater-than-expected slow down in global growth would impact the New Zealand economy through a range of channels, including reduced demand for exports, commodity price movements, lower confidence and shifts in financial conditions and asset prices. New Zealand is growing faster than other advanced economies, such as Australia, Canada, Japan, the United Kingdom and the Euro area. This is supported by continued strength in the labour market and through the Government's labour market policies. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. The content of this material is a guide only.
New Zealand is growing faster than other advanced economies, such as Australia, Canada, Japan, the United Kingdom and the Euro area. SOPI also analyses the performance of primary industries in New Zealand and looks at emerging issues affecting trade and production. However, New Zealand is a small, open economy and is experiencing the impacts of global headwinds like the US-China trade war, uncertainty around Brexit and geopolitical tensions in places like the Middle East and Hong Kong. Closed borders mean a smaller economy, and recessionary impacts of this are unavoidable. Sunday, 30 August 2020. The most recent published forecast is the: Budget Economic and Fiscal Update 2020 published on 14 May 2020. In the past year the unemployment rate was the lowest in a decade, and growth in annual hourly earnings was the highest it has been in a decade. Economy - latest news, financial and market results, analysis, commentary and opinion from The New Zealand Herald . Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. Addition to the Supplementary Estimates of Appropriations for the Government of New Zealand for the Year Ending 30 June 2020.