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New Zealand plan includes rebuilding Antarctic base

New Zealand spending program aimed at lifting the economy out of a coronavirus slump.


Nepalnews
2021 May 20, 9:26, WELLINGTON, New Zealand
New Zealand Finance Minister Grant Robertson discusses the annual budget plan with media, economists and other groups in Wellington, New Zealand Thursday, May 20, 2021. New Zealand plans to rebuild its Antarctic base and spend billions more on welfare payments as part of a spending program aimed at lifting the economy out of a coronavirus slump. Photo: AP

New Zealand plans to rebuild its Antarctic base and spend billions more on welfare payments as part of a spending program aimed at lifting the economy out of a coronavirus slump.

The government on Thursday unveiled its annual budget, which indicated the economy is doing much better than forecast after the pandemic first hit.

That’s thanks in large part to the nation’s success in stopping the spread of the virus, as well as strong international demand for the nation’s milk and other agricultural exports.

Treasury figures indicate the nation’s economy is expected to grow by 2.9% this year and rise to 4.4% growth by 2023. That follows a sharp plunge and quick recovery last year, which ended in an overall economic contraction of 1.7%.

The budget plan includes $344 million New Zealand dollars ($247 million) to rebuild Scott Base in Antarctica, which has been used by scientists since it first built in 1957.

New Zealand Antarctic base economy budget plan
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