World News

New Zealand PM Ardern sees 2020 growth slowing to 2-2.5% due to coronavirus

WELLINGTON (Reuters) – New Zealand Prime Minister Jacinda Ardern said on Monday that the country’s gross domestic product (GDP) is expected to slow to around 2% to 2.5% this year, due to the economic impact of the coronavirus epidemic.

Ardern said the forecasts were from the treasury which had previously predicted a GDP growth of 2.2% to 2.8%. She said the impact will be seen in the first two quarters of the year.

“Treasury expect things to return to normal in the second half of 2020,” she told a news conference.

(Reporting by Praveen Menon; Editing by Himani Sarkar)