According to a new report published by economic forecasting group EY Item Club, it is anticipated that the UK’s economy will not return to normal until 2023 due to the COVID-19 pandemic. The report detailed that the UK’s GDP (gross domestic product) will decrease by 6.8% in 2020, and that this drop will be the result of a 14% decline in consumer spending.
J&P Comments
Although the report has provided a concerning outlook for the UK economy, it also stated that if the lockdown is eased throughout May and June the economy could grow by 4.5% in 2021. This is a promising statement, and hopefully the UK will begin to see a consistent decline in coronavirus cases in the coming weeks so that the lockdown can be eased.
