UK Forecast To Suffer Worst COVID-Driven GDP Hit Of All Nations Worldwide
Tyler Durden
Thu, 06/11/2020 – 02:45
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.
You will find more infographics at Statista
The initial epicenter, China, is expected to go far more unscathed with a decrease of just 2.6 percent.
The United States is somewhat in the middle of the pack with a 7.3 percent reduction.
Zero Hedge’s mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information’s unending quest for freedom. Visit https://www.zerohedge.com