NSW Treasury’s chief economist says the nation’s economy is headed for a recession for the first time in almost 30 years as a consequence of the COVID-19 pandemic.
Stephen Walters on Friday advised an upper house inquiry into the NSW government’s management of COVID-19 the state economy was affected as a consequence of the constraints in place to restrict the spread of the virus.
Government resources assert it is too early to definitely categorise the NSW market as being in recession.
A Treasury spokesman later on Friday reported the department’s modelling of the effect of the virus on gross state product growth continues to evolve.
NSW Treasury secretary Michael Pratt stated the coronavirus and the suppression of action to handle its spread had a profound impact on the nation’s economy.
NSW Treasurer Dominic Perrottet on Friday acknowledged that the state was facing the most significant health and economic challenge of our generation.