In New Zealand, new modelling from the Treasury has painted a dire picture of the country’s economic prospects for the next year, with a surge in unemployment to as much as 13% even if Covid-19 infections are contained and lockdown rules eased after the initial four weeks.
A jobless rate of up to 26% – and a fall in GDP of 23% – is predicted if the country is forced to remain in its strictest level of shutdown for a total of six months before moving to marginally lighter measures.
However, with a larger fiscal stimulus package than the NZ$20bn (£9.7bn) already pledged by the government, the 13% jobless rate modelled could hit a much lower peak of 8.5% before falling to 5.5% in the year to June 2021. On Tuesday, Robertson pledged to release further support.
All seven of the scenarios modelled – the first released since the pandemic reached New Zealand – predicted that unemployment would be higher in the June quarter of this year than the 6.7% reached during the 2008 global financial crisis. The current jobless rate is just over 4%.
How Greece is beating coronavirus despite a decade of debt
Every day at 6pm Greeks turn on their TV sets and tune into a broadcast that at other times they might have missed. Like most rituals, there are no surprises: two men, seated several meters apart, behind a long table in a brightly lit room.
The health ministry’s daily coronavirus briefing then begins with Sotiris Tsiodras, a soft-spoken Harvard-trained professor of infectious diseases, delivering the latest facts and figures with the occasional emotional plea. Nikos Hardalias, the civil defence minister, invariably follows, invoking the gravity of the situation with warnings that Greeks “must stay at home”.
The bookish professor and no-nonsense former mayor are the faces who have come to be associated with the government’s drive to contain the spread of Covid-19. Their efforts at keeping the country virus-safe appear to be paying off: in a population of just over 11 million, there were, as of Monday, 2,145 confirmed cases of coronavirus and 99 deaths, far lower than elsewhere in Europe. Italy to date has registered 20,465 deaths.
Greece, it is generally agreed, is having a better crisis than may have been expected:
A sweet story from our correspondent in New Zealand, where endangered plovers have been relocated from Christchurch to near Wellington, despite the lockdown: