WELLINGTON (Reuters) – New Zealand’s Finance Minister said on Thursday the government will be running deficits for an extended period and its debt level would increase to levels well beyond previous targets.
The path to recovery from the impact of the coronavirus will be challenging with business investment and confidence taking a hit and unemployment rising, Grant Robertson said in a pre-budget speech released to the media.
He said the budget, to be released next Thursday, will carry on supporting industries hit by the coronavirus and despite the additional borrowing New Zealand will remain among the least indebted countries.
(Reporting by Praveen Menon; Editing by Muralikumar Anantharaman)
