NEW ZEALAND TO BOOST ECONOMY WITH NZ$ 27.7 BILLION
New Zealand announced on Thursday that its public debt will more than double over the next three years as it unveiled a massive investment plan to mitigate the economic impact of the COVID-19 pandemic.
Euronews said the island nation will invest 50 billion New Zealand dollars (€27.7 billion) over the next four years to boost the economy. As a result, public debt is expected to shoot up from 20% of Gross Domestic Product (GDP) to 54% in 2023.
But New Zealand is far from the only country to expect its public debt to take a hit from the pandemic.
The International Monetary Fund (IMF) predicted last month that "fiscal balances in 2020 are expected to deteriorate in almost all countries, with sizeable estimated expansions in the United States, China, and several European and other Asian economies." #coronavirusimpact #COVID19