May 5, 2020 / 9:26 PM / 2 months ago

BRIEF-RBNZ Releases Paper On Economic Impacts Of COVID-19 Containment Measures

May 6 (Reuters) - Reserve Bank Of New Zealand:

* RELEASES PAPER ON ECONOMIC IMPACTS OF COVID-19 CONTAINMENT MEASURES

* SEES IMPACT RANGES FROM ESTIMATED 4% REDUCTION IN GDP UNDER ALERT LEVEL 1 UP TO 37% OF GDP UNDER LEVEL 4

* SEES GDP AROUND 37 % LOWER DURING PERIOD OF ALERT LEVEL 4 THAN WOULD HAVE BEEN WITHOUT ANY RESTRICTIONS

* SEES GDP AROUND 19 % LOWER DURING PERIOD OF ALERT LEVEL 3 THAN WOULD HAVE BEEN WITHOUT ANY RESTRICTIONS

* SEES IMPACT NOT UNIFORM ACROSS ECONOMY, WITH SOME SECTORS MORE HEAVILY EFFECTED THAN OTHERS SUCH AS TOURISM

* DURING 4-1/2 WEEK PERIOD AT ALERT LEVEL 3, EQUATES TO FALL OF ABOUT NZ$5 BILLION IN PRODUCTION RELATIVE TO BASELINE, REDUCING ANNUAL GDP BY 1.7%

* ECONOMIC IMPACT ON FIRMS IS HIGHLY UNCERTAIN UNDER ALERT LEVEL 3

* PAPER'S ESTIMATES & ASSUMPTIONS WILL INFORM RESERVE BANK’S PROJECTIONS & SCENARIOS AS IT PREPARES FOR MAY’S MONETARY POLICY STATEMENT Source text bit.ly/2L9dl6Z

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