1. Question No. 1—FinanceDr DEBORAH RUSSELL (Labour—New Lynn) to the Minister of FinanceORAL QUESTIONSQUESTIONS TO MINISTERSQuestion No. 1—Finance1. Dr DEBORAH RUSSELL (Labour—New Lynn) to the Minister of Finance: What recent reports has he seen on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): Last week international credit ratings agency Standard & Poor's (S&P) published its latest forecast for Asia-Pacific economies factoring in the potential impacts from the global economic disruption caused by COVID-19. S&P forecasts the New Zealand economy to grow at 2 percent in 2020 rising to 2.9 percent in 2021. This is in line with other guidance from economists in recent weeks. It is important to note that this is a rapidly changing situation. Treasury is currently undertaking detailed scenario analysis of how the global disruption from COVID-19 might feed through to the New Zealand economy as part of the Budget process. The good news is that the New Zealand economy is in good shape as we go into this: net Government debt is at 19.5 percent of GDP—Hon Simon Bridges: Thank you National.Hon GRANT ROBERTSON: —and lower than what we inherited Mr Bridges. We have forecast surpluses and data showing solid underlying momentum in the New Zealand economy.Dr Deborah Russell: What reports has he seen on how COVID-19 is affecting different parts of the economy?Hon GRANT ROBERTSON: Reports from the business community and official data show that the global disruption caused by COVID-19 is feeding through differently to different parts of the economy. The tourism and hospitality sectors and parts of the forestry industry continue to report the most significant impacts. Yesterday Ministers Twyford O'Connor and Nash visited the Nelson region to be updated from businesses on the ground about the impacts of COVID-19. They have reported back that the region is in good shape in part due to its diversified economy. Companies with exposure to China like King Salmon reported that while there had been some initial issues for their exports to China business was rebounding and Ministers were told that local businesses in those areas were actually concerned about a shortage of workers. Of course we will continue to work with businesses in the Nelson region just as we are with businesses right across New Zealand particularly in areas like Tai Rāwhiti to ensure we support continued employment income support and redeployment options.Dr Deborah Russell: How is the Government supporting all of New Zealand to work together to respond to the economic impacts of COVID-19?Hon GRANT ROBERTSON: The best way to mitigate the economic impacts of COVID-19 continues to be our strong and world-leading public health response. Simple but effective tasks like washing your hands properly sneezing into the inside of your elbow and staying away from work or public events if you are sick is vitally important and I think all New Zealanders can be proud of the personal responsibility New Zealanders are showing in regard to this. We continue to urge businesses to remain as flexible as they can for people who are sick and we continue to work with them and business groups and unions on the business continuity package. This is not just a Government response; it is not just a business or individual response; it is a New Zealand response and that's where our values as a country are showing through: everybody prepared to muck in and do their bit to work together to respond to this outbreak.