New Zealand business confidence fell sharply in April with most key activity indicators hitting record lows amid fears over the economic damage from the coronavirus pandemic, preliminary reading of an ANZ Bank survey showed on Wednesday.
The survey's headline measure showed a net 73.1% of respondents expected the economy to deteriorate over the year ahead, versus a 63.5% pessimism level in the poll last month.
A net 54% of firms surveyed expected to cut jobs with 73% predicting lower profits - the worst reading ever, ANZ said.
"Firms are reeling from the abruptness and ferocity of the storm that has enveloped them, and with uncertainty extreme, planning a way out is very difficult," ANZ chief economist Sharon Zollner said.
"The quick-fire fiscal and monetary response will have helped, but times just don't get much tougher than this."
(Reporting by Swati Pandey; Editing by Himani Sarkar)
