New Zealand's economy looks like it could be hit almost twice as hard as Australia's despite both containing the coronavirus so far. Here's why.
New Zealand Prime Minister, Jacinda Ardern and Australian Prime Minster Scott Morrison at a press conference in February.Experts are predicting New Zealand's economy will be far worse than Australia's in the coming months, despite both countries handling the coronavirus pandemic well.
The reason for this discrepancy is that New Zealand's lockdown was far more stringent than Australia's, and the repercussions from that could be long-lasting.New Zealand and Australia have both managed to get coronavirus cases down to similarly low numbers in relative terms, yet the future for New Zealand's economy could be almost twice as grim as Australia's.
Australia & New Zealand Bank Grouping economist Elizabeth Kendall, who is based in New Zealand, told The Journal: "This reflects the fact that our lockdown is very strict. We also see quite a protracted recovery here."
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