The pandemic has been vastly disruptive. It has prompted powerful responses from the government and the private sector. The number of new cases globally appears to have stabilised. Lockdown measures early in the quarter weighed heavily on UK growth but the recovery picked up some pace in June, with GDP rising 8.7% from May.
Forecasters are predicting official figures released this week will show the UK economy suffered the worst impact from the coronavirus pandemic of any major advanced economy.
Your Monday morning coffee briefing from TFG. Productivity in the UK dipped in the first quarter of the year and is likely to fall further as estimates suggest that the fall in output has been greater than the fall in hours worked. Various causes of this slowdown have been proposed including low interest rates, low investment, short-termism in the corporate sector, austerity, Brexit and mismeasurement to name but a few.
Your Monday morning coffee briefing from TFG.Almost half of all Covid-19 cases reported so far were from just three countries: the US, Brazil and India. Wearing masks became compulsory in UK shops and other enclosed public spaces. EU leaders agreed to create a €750bn EU recovery fund to support member states worst hit by COVID-19.
In the UK Boris Johnson announced a further loosening of lockdown restrictions, reopening most remaining leisure facilities and dropping advice that public transport should be used for essential journeys only.
India surpassed Russia to register the third-highest COVID-19 caseload after the US and Brazil. Governments are tasked with securing growth. Instead of raising taxes and reducing public spending as many did after the last recession, governments are now planning the next stage of fiscal easing.
The speed and severity of the economic downturn has been far greater than the last recession, in 2008–09. The IMF forecasts that world GDP will shrink by almost 5% this year. Growth is coming back as the lockdown eases.
The speed and severity of the economic downturn has been far greater than the last recession, in 2008–09. The IMF forecasts that world GDP will shrink by almost 5% this year. Growth is coming back as the lockdown eases.
COVID-19 has dominated the headlines for the last few months. But now, with the negotiations stepping up and the transition set to end by December, Brexit is moving back into the limelight.
The number of recorded daily new COVID-19 cases worldwide hit a new record last week with Latin America and the Caribbean now accounting for the largest number of cases by major region.