Coronavirus: Record fall in UK economy forecast
Record fall in UK economy forecast [LINK].
The UK economy is forecast to fall an incredible amount in the current pandemic-afflicted quarter ending in June.
The forecast comes from an average projection of more than a dozen top economists contacted by the BBC.
While the same economists predict a similarly large positive rebound after that, this year, annual UK GDP is still anticipated to fall significantly.
While there is no precedent for shutdowns of large swathes of the economy, 14 of the top economists from the City and business have calculated how much economic activity is being lost.
The estimates range from JP Morgan’s calculation that about UK GDP in the April-June quarter will come in at -7.5% – a sharp contraction – to Capital Economics’ forecast of -24% – suggesting nearly a quarter of entire economic activity will be lost.
Half the forecasts seen by the BBC are between -13% and -15%. Quarterly figures normally move by fractions of a percent.