WELLINGTON - New Zealand's unemployment rate could reach 26 per cent if tough lockdown measures to fight the spread of the coronavirus are extended, treasury department forecasts released on Tuesday showed.
Treasury forecasts that mapped economic scenarios under different restriction levels showed that extending the current Level 4 alert, which is the highest, would increase unemployment by 17.5 per cent to 26 per cent.Treasury estimated that declines in annual Gross Domestic Product in the year ending March 2021 would vary from around 13 per cent in the least restrictive scenario, to close to one-third if tight curbs are in place throughout the year.
Deactivation of the alert level system by the June 2021 quarter would lead to a further pickup in activity, it said.
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