New Zealand Says Harsh Lockdown Paying Off as Economy Rebounds

New Zealand’s government said the fiscal and economic impact of the coronavirus pandemic will be less severe than first feared as its decision to impose one of the world’s strictest lockdowns pays off. Economic growth will recover more rapidly while budget deficits and net debt will be much lower than expected just three months ago, Finance Minister Grant Robertson said Wednesday in Wellington when presenting the half-year fiscal and economic update. Unemployment will now peak at 6.9% at the end of next year rather than the 7.8% predicted in September