Coronavirus: Prime Minister Jacinda Ardern says more support for businesses is on the way

Prime Minister Jacinda Ardern says more help is on the way for businesses struggling with the COVID-19 pandemic and lockdown.

In a press conference on Monday, Ardern announced the Treasury will release a series of scenarios which predict the potential economic outcomes of the lockdown.

"These will focus on the impact of COVID-19 on unemployment, GPD and the ability for the economy to recover."

But that's not all - on Wednesday Finance Minister Grant Robertson will meet via video conference with Business New Zealand to discuss further options. 

"This will set out the next steps in our plan to cushion the effects of lockdown including further support for businesses."

Details of what that support will look like will be made available later in the week but Ardern said accurate predictions will be hard.

"It is going to be hard to forecast," she said.

"Regardless of how we do domestically we are part of a global economy and will only be able to do as well as the global economy does."

The coronavirus pandemic has caused millions of job losses across the globe. 

With many countries entering different stages of quarantine the economy is predicted to plummet causing a recession more severe than the Global Financial Crisis. 

In March the Government released a $12 billion economic package to combat the devastation COVID-19 was predicted to cause.

The package - representing 4 percent of New Zealand's GDP - includes sick leave subsidies, an aviation support package, a huge boost for the health sector, and some tax relief changes. 

 

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