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Economic impacts of COVID-19 containment measures

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Containment measures are limiting the spread of COVID-19 and saving lives. It has come at a cost, however, of reduced economy activity. This paper outlines our estimates of the impact on GDP from each of the COVID-19 alert levels. The impact ranges from an estimated 4 percent reduction in GDP under alert level 1 up to 37 percent of GDP under level 4. The paper also shows that the impact is not uniform across the economy, with some sectors more heavily effected than others such as tourism. These estimates, and the assumptions underlying them, will inform the Reserve Bank’s projections and scenarios as it prepares for May’s Monetary Policy Statement (MPS).

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  • Tom Stannard & Gregorius Steven & Chris McDonald, 2020. "Economic impacts of COVID-19 containment measures," Reserve Bank of New Zealand Analytical Notes series AN2020/04, Reserve Bank of New Zealand.
    • Handle: RePEc:nzb:nzbans:2020/04
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    File URL: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Analytical%20notes/2020/AN2020-04.pdf?revision=6c59d0c8-a81f-48bb-931c-0e38209139ba
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    Cited by:

    1. Javier G. Gómez-Pineda, 2020. "The depth, length and shape of the covid-19 recession conveyed in 2020 growth forecasts," Borradores de Economia 1123, Banco de la Republica de Colombia.
    2. Reinhold Kosfeld & Timo Mitze & Johannes Rode & Klaus Wälde, 2021. "The Covid‐19 containment effects of public health measures: A spatial difference‐in‐differences approach," Journal of Regional Science, Wiley Blackwell, vol. 61(4), pages 799-825, September.

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