UK economy may take three years to recover from COVID-19 – EY

UK economy may take three years to recover from COVID-19 – EY

UK forecasting group EY ITEM Club said that the country’s economy may take until 2023 to fully recover from COVID-19 crisis.
The group of economists said GDP was set to collapse by 6.8% in 2020, before returning to positive growth of 4.5% in 2021 as businesses try to make up for lost time and consumers ramp up their spending again.
The forecast is based on the assumption that some lockdown restrictions will start to be eased in May, with controls relaxed further in June.
GDP would fall by about 13% in the second quarter, sliding six times faster than in the deepest quarterly decline of the 2008 financial crisis.

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