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Financial Stability Report - May 2020
Global economic activity has been severely disrupted as countries have taken public health measures to contain the COVID-19 pandemic. In New Zealand, border closures and economic lockdowns have led to an unprecedented decline in economic activity. Economic activity has now restarted domestically as we have moved to Alert Level 2 and a number of other countries have made moves to open up their economies. However, economies are operating well below capacity and general economic conditions will remain weak as losses of income in directly affected sectors flow into a decline in overall demand. Unemployment will rise ... (full story)