A National state of emergency declared in New Zealand

New Zealand reports 47 new confirmed COVID-19 cases, 3 probable cases. Meanwhile, a national state of emergency declared in new Zealand giving authorities powers that can be used to contain COVID-19. As a country that relies on tourism, this will affect the nation heavily. 

Tourism comprises an important sector of the New Zealand economy, directly contributing NZ$12.9 billion (or 5.6%) of the country's GDP in 2016, as well as supporting 188,000 full-time-equivalent jobs, (nearly 7.5% of New Zealand's workforce).

The World Travel and Tourism Council has warned that the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry and Asia is expected to be the worst affected. Messina estimated that, once the outbreak is under control, it would take up to 10 months for the tourism sector to return to its normal levels.

The NZD has been in recovery with some softness in the USD this week. Overnight, the bird rose to 0.5840, then back to 0.5800, +1.5%.