RBNZ Governor Explains Economic Impact of COVID-19

  • Jul 27, 2020 NZST
  • Team Kalkine
RBNZ Governor Explains Economic Impact of COVID-19

As per the Governor of the Reserve Bank of New Zealand, Adrian Orr, the economic impact of COVID-19 has differed significantly, particularly across sectors of each economy. The more dependent a nation is on primary production and the manufacture of durable goods, the better it has performed. By contrast, the more dependent a nation is on the delivery of face-to-face services like hospitality and tourism, the bigger their fall.

New Zealand had a strong economic starting point at the beginning of the pandemic. The country has a backbone of primary production and exports. But the country also has substantial dependence on services that involve face-to-face interaction.

 


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