New Zealand's government plans to borrow and spend vast amounts of money as it tries to keep unemployment below 10 per cent in the wake of the coronavirus pandemic.
WELLINGTON, NEW ZEALAND -- New Zealand's government plans to borrow and spend vast amounts of money as it tries to keep unemployment below 10% in the wake of the coronavirus pandemic.
Still, the increased spending will not be enough to offset the economic devastation caused by the pandemic. Unemployment is expected to rise from just over 4% to nearly 10% by June. And Robertson acknowledged that tourism, which had accounted for about 10% of the economy, was not going to be the same for many years to come."We face a global economic and health crisis not seen since the Great Depression," Robertson said.
Under the budget plan, the government will spend 50 billion New Zealand dollars over four years to help boost the economy.
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