Business confidence has taken a plunge, falling to its lowest level since the Global Financial Crisis

The preliminary results for the March ANZ Business Outlook survey show a sharp drop in confidence and activity expectations.

ASB Senior Economist Jane Turner says it reflects the COVID-19 outbreak and the impacts on the export sector.

She says export intentions have fallen to a record low, highlighting the impact of logistical and demand disruptions as a result of China's lockdown during February.

ASB is expecting no economic growth over the first half of 2020 and acknowledges the growing risk of a technical recession.