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New Zealand lowers growth forecasts due to coronavirus epidemic

New Zealand lowers growth forecasts due to coronavirus epidemic

Mubasher: Economic growth in New Zealand is expected to slow to around 2% to 2.5% in 2020, as a result of the coronavirus outbreak impacts, Reuters reported.

Previously estimating gross domestic product (GDP) to grow between 2.2% and 2.8% this year, the New Zealand Treasury has now lowered its growth forecasts, Prime Minister Jacinda Ardern told reported on Monday.

However, the PM said that things are expected to return to their normal level in the second half (H2) of 2020.