Economic Outlook Report 2020. Communications & Media (Statistics Project Sample)
COVID-19 will decrease economic growth by up to 0.5% this yearsource..
COVID-19 will decrease economic growth by up to 0.5% this year
The Coronavirus will have a significant impact on our economy with experts saying
the virus would decrease economic growth by up to 0.5% this year.
Economists thought the next big challenge for the UK would be Brexit. The global pandemic has changed this. Ignoring the impact of COVID-19 on the UK’s economy cannot happen as the leading financial issue for the UK in 2020.
In an interview, Patrick Minford, Professor of Applied Economics at Cardiff University’s Business School said, “COVID-19 will decrease economic growth by up to 0.5% this year, as COVID-19 prohibits people from operating on counter-measures regularly.”
He says the UK budget also agreed to include financial aid to all impacted. It cannot avoid the loss of supply or any decrease in demand.
Chancellor Rishi Sunak has said, “Coronavirus will have a very significant impact on the economy.” A forecast by the UK’s tax and spending watchdog suggests “serious implications” for the UK economy, the Chancellor has said.
Professor Philippe Aghion, Professor of Economics at LSE with a PhD from Harvard University, said in an interview, “There will be a recession. It will take a while to recover. You have to have a very progressive policy to restart the economy. Demand needs to be back, and policy needs to respond to supply and production ratio.”
The Office for Budget Responsibility (OBR) said COVID-19 could see the economy shrink by a record 35% by June, with up to the gradient of 156% in unemployment by July if lockdown measures proceed all through the following months.
The OBR said a three-month lockdown followed by three months of partial restrictions would trigger an economic decline of 35.1% in the quarter to June alone.