Covid-19 Economic Impact
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COVID-19 has been a sudden shock to New Zealand and the economy. Unprecedented policies interrupted the normal functioning of economic and social life. This has had a major impacts on the wellbeing of all New Zealanders
As we get on top of the health response, concern is moving rapidly towards the economic dimension. Rightly so, given the depth of the fall in output and its social effects. The recovery from this pandemic will have lasting effects on every region in New Zealand. The pandemic and associated lockdowns have already affected businesses and households, but the ongoing impacts on the economy and wellbeing will persist for years to come.
Within this context, Greater Wellington Regional Council is reconsidering its statuary planning documents, including the Long Term Plan and Annual Plan.
Business and Economics Research Limited (BERL) considered three scenarios for the recovery based on the health, economic and treatment responses to COVID-19. BERL provides its best estimates across a select range of economic indicators.