Economist Cameron Bagrie says the Government's $12 billion COVID-19 package, announced last week, will have to be the beginning if we're to avoid a depression.
"We certainly know this one's going to be bigger than the global financial crisis," he told The AM Show on Monday.
"NZ contracted by 2-3 percentage points, unemployment got up to 6.7 percent - is the scenario that's unfolding at the moment worse than that? The answer is yes. Do we know precisely how much worse that that? The answer is we don't know."
Tourism will only be the first domino to fall, he warned.
Watch the full interview.