Mr English said that using publicly available forecasts, he now expected the New Zealand economy to permanently lose about $50 billion of output over the next three years compared with what would have happened without the recession.
"That's $50 billion we will not recover as a nation - and $50 billion that cannot be taxed."
"That's $50 billion we will not recover as a nation - and $50 billion that cannot be taxed."
Source: Borrowing and hoping not option, says English
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