Prime Minister Jacinda Ardern has warned the economic impact of coronavirus could be worse than 2008's global financial crisis.
The Government is announcing details of a massive monetary package to help the economy weather the storm tomorrow.
Today at her post-Cabinet address, Ms Ardern outlined the severity of the situation ahead.
"The preliminary advice I have received from Treasury this weekend is that the economic impact of the virus on New Zealand could be greater than the impact of the global financial crisis," she said.
"The difference is there is no existing playbook for the economic response here.
"At this point we cannot be sure of the impact but we can be sure it will be significant."
Ms Ardern added that her Government’s hard work to get debt low over the last few years means New Zealand will have a large “rainy day” pool of funding to draw from.
* Finance Minister Grant Robertson’s multi-billion dollar relief package for businesses hit by the Coronavirus Pandemic will be covered live by Jack Tame on TVNZ1 and 1NEWS.co.nz from 2-3pm on Tuesday.
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