New Zealand Announces Virus Support Package Worth 4% of GDP (2)

New Zealand announced a spending package to counter the economic impact of the coronavirus, including increased payments to beneficiaries and wage subsidies for affected businesses.

The NZ$12.1 billion ($7.3 billion) package is focused on cash-flow and confidence, and represents 4% of gross domestic product, Finance Minister Grant Robertson said Tuesday in Wellington. It is the first phase of the government’s response, with the May budget now being redesigned as a recovery budget, he said.

“I cannot and must not sugar coat this,” Robertson said. “A recession in New Zealand is now almost certain, with the advice that we are receiving ...