New Zealand: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for New Zealand
IMF Staff Country Reports, May 5, 2021
Source details
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- New Zealand: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for New Zealand
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Bibliographic details
- Published: May 5, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513572949.002
Summary and key findings
- New Zealand’s sound management of the COVID-19 crisis has been effective in bringing infection rates quickly under control.
- Decisive fiscal and monetary policy responses have been instrumental in cushioning the economic impact.
- Although economic activity was hit hard initially, it has recovered faster than expected.
- The recovery has been uneven, with some sectors and workers disproportionately affected.
Economic impact and recovery
- Initial economic activity: "hit hard initially" by the COVID-19 crisis.
- Recovery tempo: "recovered faster than expected."
- Distributional outcome: "uneven, with some sectors and workers disproportionately affected."
Policy responses and institutional context
- Fiscal policy: described as "decisive" in cushioning the economic impact.
- Monetary policy: described as "decisive" and instrumental in cushioning the economic impact.
- Public health response: management described as "sound" and effective in bringing infection rates quickly under control.
Subject areas and keywords
- Subject: COVID-19, Health, Housing, Housing prices, Income, Infrastructure, International organization, Monetary policy, National accounts, Prices
- Keywords: amendment bill, consumer price inflation, COVID-19, elimination strategy, Global, government agenda, Housing, Housing prices, Income, inflation outturn, Infrastructure, stats NZ
Content in this bundle
- 1nzlea2021001