New Zealand announces NZ$12.1 bln fiscal package as recession fears loom

New Zealand on Tuesday said it would pump NZ$12.1 billion ($7.31 billion), representing 4% of GDP, to stimulate the economy, amid fears that disruptions from the coronavirus outbreak could trigger a recession.

The package was a larger than that implemented in response to the global financial crisis and bigger than those announced by countries like Australia, Singapore and others, Finance Minister Grant Robertson said in a news conference. ($1 = 1.6548 New Zealand dollars)