Largest GDP fall in 160 years is 1-in-30 year event for banks: RBNZ

Fri, 29 May 2020

The Reserve Bank is predicting the largest decline in annual GDP in at least 160 years but a central bank official has said that doesn't mean that the coronavirus crisis is a one-in-160 year event."When we talk about one-in-200-year events, you can't just look at an annual change in GDP," Chris Bloor, the RBNZ's financial system policy and analysis manager, told BusinessDesk.While the economy has suffered a deep shock, "we wouldn't see this as anything like a one-in-200-year event for banks," Bloor said."...

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