Moreover, gross fixed capital formation is not expected to reach its pre-crisis level in 2021. That being said, after declining by an estimated 6% in 2020, private consumption will be curbed by household deleveraging (their debt amounts to 90% of GDP and 163% of their disposable income) and low population growth (reduced immigration). However, the country is expected to return to a high growth rate in 2021. These strict measures led to a sharp decline in New Zealand's GDP in 2020. Even before the country recorded its first Covid-19 death, New Zealand imposed quarantine requirements for anyone entering the country in mid-March 2020, closed its border to foreigners and shut down all non-essential services.
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