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Economy

New Zealand economy shows faster recovery from COVID-19 impact

GDP likely rose 10.5% in Q3 but finance minister warns on US-China tensions

New Zealand's GDP is expected to bounce back from its sharpest contraction on record in the second quarter to grow 10.5% in the September term.   © Reuters

WELLINGTON (Reuters) -- New Zealand is expected to bounce back sooner from the impact of COVID-19 than previously thought, but large deficits and rising debt levels will have a lasting effect on the economy, the government said on Wednesday.

The country's Treasury department predicted the budget deficit for the 2020/21 fiscal year to be NZ$21.58 billion, NZ$10.1 billion smaller than forecasts made in September.

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