New Zealand announced on Thursday that its public debt will more than double over the next three years as it unveiled a massive investment plan to mitigate the economic impact of the COVID-19 pandemic.

The island nation will invest 50 billion New Zealand dollars (€27.7 billion) over the next four years to boost the economy. As a result, public debt is expected to shoot up from 20% of Gross Domestic Product (GDP) to 54% in 2023.