Hon GRANT ROBERTSON: According to the report, S & P expects the COVID-19 pandemic to leave "lasting scars" on the Asia-Pacific region. New Zealand is not immune, and this is reflected in its forecast. S & P expects the New Zealand economy to contract 5 percent in the year to June 2020, reflecting the impact of the lockdown and the global recession, but this is then followed by a strong period of projected expansion: 6 percent in 2021, 3.4 percent in 2022, and 3 percent in 2023. That is a faster rebound than either Australia or Japan are projected. While we've always been clear that the economic fallout from the pandemic would be difficult, it is encouraging that S & P expects the New Zealand economy to rebound relatively strongly, meaning less of an economic hit over the medium and long term. 