Infometrics estimates suggest that only 53% of New Zealand’s workforce can continue to work during the COVID-19 Level 4 lockdown, with almost 1.2m workers sitting idle for the next four weeks.
We will be hosting regular webinars (web seminars) for our clients. If your organisation would like to book a tailored Webinar, focused on your local area, sector or industry, we have time slots available.
From a few concerns about the effects on Chinese tourism in late January to a full-blown pandemic and lockdown in New Zealand, the COVID-19 crisis has evolved rapidly over the last two months. We communicate just how quickly the economic ramifications have unfolded and examine how things might play out for the economy over the next 1-2 years.
The COVID-19 pandemic has sent New Zealand into a full-scale lockdown. In doing so, the government is working to flatten the curve and ensure that lives are saved. There is no escaping that this decision puts the economy into hibernation for the next month. Most of what will be achieved in the next four weeks will be maintaining an economic heartbeat while stamping out the virus as much as possible. If this plan is successful, New Zealand can emerge from the crisis sooner rather than later and thereby maximise its chances of regaining momentum in the economy.
New Zealanders have overrun supermarkets across the country over the last week, with the COVID-19 pandemic inviting panic buying and fear over access to the basics. However, our high-level analysis shows that food production and food imports remain resilient.
Comparing the number of confirmed COVID-19 cases in New Zealand to some of our key international partner economies can help us to understand how we’re tracking and what might be ahead for us. There’s no one correct chart to show how COVID-19 is affecting the world, but we hope this chart provides a different way of looking at the numbers.
New Zealand’s connections with the outside world was upended on 14 March when the Prime Minister announced a mandatory 14-day self-isolation period for all travellers arriving in New Zealand (excluding the Pacific Islands). The self-isolation requirement was a response to the escalating severity of the COVID-19 pandemic and came after the US banned European travellers for a month just days earlier. This requirement to self-isolate will be a major blow to the New Zealand economy, as the requirements will effectively halt the majority of travel in and out of New Zealand.
The COVID-19 pandemic is causing economic chaos both internationally and in New Zealand. A recession is now inevitable, and the economic ramifications of the pandemic and response will substantially change people’s livelihoods. However, New Zealand is resilient and stands ready to weather this pandemic, and there are actions that can be taken to reduce the severity of the economic blow.