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Australia, New Zealand Recovery Paths to Differ on Virus: HSBC

Australia’s suppression of the coronavirus in contrast with New Zealand’s elimination will bring different outcomes in their growth paths, according to Paul Bloxham at HSBC Holdings Plc., as cases spike Down Under while Kiwis are heading to the rugby. Australia’s southern state of Victoria has seen an isolated sharp rise in new cases in recent days. New Zealand, on the other hand, has recorded no community transmission for 38 days -- the 20 active cases are recent overseas arrivals and are in quarantine. Given these outcomes, HSBC said in a Monday report it expects a “U-shaped” recovery in Australia, with a sharp fall in second-quarter GDP of 7.5% followed by a modest rise of 0.4% in the next three months. It sees a much sharper slump of 14.7% in New Zealand for this quarter, but expects the economy to be on track for a “V-shaped” rebound with a 12.6% surge during July-September.

Bloomberg - June 29, 2020

View the full story here: https://www.bloomberg.com/news/articles/2020-06-29/australia-new-zealand-recovery-paths-to-differ-on-virus-hsbc