News

UK Forecast To Suffer Worst COVID-Driven GDP Hit Of All Nations Worldwide

The OECD released its latest Economic Outlook earlier this week, revealing the projected impact the COVID-19 pandemic will have on global GDP in 2020. When assuming there will be no second wave of infections in 2020, gross domestic product is currently expected to be down by 6 percent on last year; but, as Statista’s Martin Armstrong notes, should we encounter a ‘double-hit’ scenario however, this is forecast to increase to a 7.6 percent drop.

Adding further context, the OECD writes:

“The COVID-19 pandemic is a global health crisis without precedent in living memory. It has triggered the most severe economic recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being.”

As this infographic below shows, when looking at the ‘single-hit’ scenario, no country is projected to be hit harder than the United Kingdom. There, a fall of 11.5 percent is being predicted.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s